30 May 2022 07:00
30 May 2022
EGDON RESOURCES PLC
("Egdon" or "the Company")
Approval of Wressle Field Development Plan
Egdon Resources plc (AIM:EDR), a UK focused energy company, is pleased to advise that the North Sea Transition Authority ("NSTA") has approved the Field Development Plan for the Wressle oil field in North Lincolnshire, held under licences PEDL180 and PEDL182 (the "Licences") where Egdon is operator with a 30% interest.
The NSTA has also approved the Licences entering their production phase, which will continue through to 2039.
Commenting on these positive developments, Mark Abbott, Managing Director of Egdon Resources plc, said:
"This is a key milestone for the Wressle project as it transitions from an extended well test to production under an approved field development plan. Wressle continues to generate high levels of production and revenues. The Wressle-1 well is currently amongst the most productive in the onshore UK and to date has produced over 170,000 barrels of oil.
I am proud of the Egdon team and our contractors for their efforts and determination in achieving this key milestone. My thanks also go to our joint venture partners Union Jack Oil and Europa Oil and Gas, for their support and advice during this process.
Our focus now turns to completing the installation of the few remaining permanent production facilities and progressing the planning, permitting and implementation of the gas monetisation plan. This will enable a reduction in gas incineration and remove the limitations on oil production. In parallel we are advancing the development plan and consenting process to enable production from the Penistone Flags reservoir where gross Mid-case Contingent Resources of 1.53 million barrels of oil and 2 billion cubic feet of gas have been independently reported."
For further information please contact:
Egdon Resources plc
Mark Abbott, Martin Durham 01256 702 292
Buchanan
Ben Romney, Jon Krinks 020 7466 5000
Nominated Adviser & Joint Broker - WH Ireland Limited
Chris Hardie, Megan Liddell 020 7220 1666
Joint Broker & Financial Advisors - VSA Capital Limited
Andrew Monk, Andrew Raca 020 3005 5000
About Egdon
Egdon Resources plc (LSE: EDR) is an established UK-based energy company focused on onshore exploration and production in the UK.
Egdon holds interests in 37 licences in the UK and has an active programme of exploration, appraisal and development within its portfolio of oil and gas assets. Egdon is an approved operator in the UK. Egdon was formed in 1997 and listed on AIM in December 2004.
Qualified Person Review
In accordance with the AIM Rules - Note for Mining and Oil and Gas Companies, this release has been reviewed by Mark Abbott, Managing Director of Egdon, who is a geoscientist with over 30 years' experience and is a member of the Petroleum Exploration Society of Great Britain and a Fellow of the Geological Society. Mr Abbott has consented to the inclusion of the technical information in this release in the form and context in which it appears.
This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.