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13 Jan 2010 10:58
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For Immediate Release |
13Β January 2010 |
EGDON RESOURCESΒ PLCΒ
("Egdon" or "the Company")
Commencement of drilling operations at Dukes Wood-1
TheΒ DirectorsΒ ofΒ Egdon Resources plcΒ (AIM:EDR)Β are pleased to reportΒ that drilling operations haveΒ commenced at the Dukes Wood-1 well in Nottinghamshire licence PEDL118.
The Dukes Wood-1 well was drilled and cased to a depth of 47Β metresΒ in November 2008 before being suspended. Drilling operations recommenced atΒ 11:30Β hoursΒ onΒ 11Β January 2010Β using theΒ British Drilling and Freezing LimitedΒ rig 28 ("BDF28"). The wellΒ will now be drilled directionally to a planned measured depth of around 800 metres. Dukes Wood-1 willΒ test theΒ crestΒ of the Dukes Wood anticline in an area where Egdon hasΒ identified potential for un-drained and re-migrated oil. An abandonedΒ well in this part of the structure was re-entered in 1992Β andΒ produced 180Β barrels of oilΒ during a shortΒ testΒ from the upper interval of the Ashover GritΒ indicating the presence of recoverable oil. Operations are expected to take aroundΒ two weeks. The primary target for the well will be the Ashover Grit reservoir interval with secondary reservoir objectives in the Sub-Alton Crawshaw, Loxley Edge Rock and Wingfield FlagsΒ all oil bearing on the structure.Β This is the first well in theΒ evaluation of the rejuvenation potential of the Eakring-Dukes Wood oil field where Egdon hasΒ identified low risk opportunities to add production, revenuesΒ and reserves.
EgdonΒ holds a 75% interest in and isΒ operator of theΒ PEDL118Β licence. JointΒ venture partner Terrain Energy Limited holds aΒ 25% interestΒ in the licence.
Following completion of operations at Dukes Wood-1 the BDF28 rig will mobilise to the Kirklington oil field to drill aΒ sidetrack of the Kirklington-2 production well.
Further announcements will beΒ madeΒ asΒ operationsΒ progress.
For further information please contact:
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Egdon Resources plc Mark Abbott Managing Director |
01256 702292 |
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Buchanan Communications Ben Willey,Β Miranda Higham |
020 7466 5000 |
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Nominated Adviser and Broker -Β SeymourΒ Pierce Jonathan Wright, Sarah Jacobs, Richard Redmayne |
020 7107 8000 |
Company Background
Egdon Resources plc is an established UK-based exploration and production company primarily focused on onshore exploration and production in the hydrocarbon-producing basins of theΒ UKΒ andΒ Europe.
Egdon holds interests in twenty four licences in theΒ UKΒ andΒ FranceΒ and has an active programme of exploration, appraisal and development within its balanced portfolio of oil and gas assets. Egdon is an approved operator in both theΒ UKΒ andΒ France.
Egdon has production from the Keddington and Kirklington oil fields in theΒ East MidlandsΒ and the Avington oil field in Hampshire. Further oil and gas production is anticipated from Eakring-Dukes Wood,Β Waddock CrossΒ andΒ Kirkleatham in 2010.Β
Egdon Resources plc listed onΒ AIMΒ in January 2008, following the demerger of its gas storage business, Portland Gas plc. The pre-demerged business was formed in 1997 and listed onΒ AIMΒ in December 2004.
www.egdon-resources.com
The Eakring Dukes-Wood Oil Field
The Eakring-Dukes Wood oil field was discovered in 1939 and produced from a number of shallow sandstone reservoirs of Carboniferous age from 1940 until 1966. The total productionΒ byΒ 1966 was 6.5Β million barrelsΒ out of mappedΒ oil in placeΒ of 25.6Β million barrels. The remaining wellsΒ on the fieldΒ were plugged and abandoned by BP in the 1990s. Egdon believesΒ there is potential to rejuvenate the field to take advantage of increased oil price, improved technology and the recognition of undrilled and un-drained parts of the field.
In accordance withΒ AIMΒ rules - guidance for mining, oil and gas companies, the information contained in this announcement has been reviewed and signed off by the Managing Director of Egdon Resources plcΒ Mark Abbott, a Geoscientist with over 23 years experience.
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