2 Oct 2013 07:00
2nd October 2013
EGDON RESOURCES PLC
("Egdon" or "the Company")
Commencement of Production - Waddock Cross (PL090)
Egdon Resources plc (AIM:EDR) is pleased to announce the commencement of production from the Waddock Cross oil field in UK Onshore Production Licence PL090, located in Dorset around 10 kilometres to the east of Dorchester.
Waddock Cross is mapped by Egdon as containing mean in-place volumes of over 30 million barrels of oil in the Lower Jurassic Bridport Sandstone reservoir. Initial production will be from the Waddock Cross-2 well which has had larger production tubing and a higher capacity pump installed and is expected to produce at gross rates of around 30 barrels of oil per day. The plan for the first phase of the development thereafter is to restore production from the Waddock Cross-3 horizontal well and to drill two further horizontal producer wells by 2015. Egdon estimate gross Proven and Probable Reserves for the field for this initial phase to be about 300,000 barrels of oil.
The interests in the Waddock Cross oil field are:
Egdon Resources U.K. Limited | 45.00% (Operator) |
First Oil Expro Limited | 26.25% |
Aurora Exploration (UK) Limited | 18.75% |
Dorset Exploration Limited (wholly owned by Egdon) | 10.00% |
Commenting on the start of production Mark Abbott, Managing Director of Egdon said:
"We are pleased to have completed site works and to have obtained the required consents within our expected timeline and we now look forward to increasing ongoing production and revenues as we continue to progress the phased development of the Waddock Cross oil field over the coming years."
For further information please contact:
Egdon Resources plc
Mark Abbott, Jerry Field 01256 702292
Buchanan
Richard Darby, Gabriella Clinkard, Tom Hufton 020 7466 5000
Nominated Adviser and Broker - Cantor Fitzgerald Europe
David Porter, Rick Thompson (Corporate Finance) 020 7894 7000
Richard Redmayne (Corporate Broking)
Notes to Editors:
Egdon Resources plc
Egdon Resources plc (LSE: EDR) is an established UK-based exploration and production company primarily focused on onshore exploration and production in the hydrocarbon-producing basins of the UK and France.
Egdon currently holds interests in thirty licences in the UK and France 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 the UK and France.
Egdon was formed in 1997 and listed on AIM in December 2004.
In accordance with the AIM Rules - Note for Mining and Oil and Gas Companies, the information contained in this announcement has been reviewed and signed off by the Managing Director of Egdon Resources plc Mark Abbott, a Geoscientist with over 26 years' experience.
Evaluation of potential recoverable hydrocarbons has been assessed in accordance with 2007 Petroleum Resources Management System prepared by the Oil and Gas Reserves Committee of the Society of Petroleum Engineers (SPE) and reviewed and jointly sponsored by the World Petroleum Council (WPC), the American Association of Petroleum Geologists (AAPG) and the Society of Petroleum Evaluation Engineers (SPEE).