EDR.L Regulatory News (EDR)

16 Nov 2007 10:02

Egdon Resources PLC16 November 2007 16 November 2007 For Immediate Release EGDON RESOURCES PLC ("EGDON" or "the Company") Commencement of drilling operations at Burton Agnes-1 Egdon Resources Plc the onshore UK focused energy company, is pleased toannounce the commencement of drilling operations at the Burton Agnes-1exploration well located in Egdon's operated North Yorkshire licence PEDL071where the company holds a 25% interest. Drilling operations commenced on the Burton Agnes-1 well at 15:30 hours on the15th November. The well will test the Fraisthorpe Prospect where the primaryreservoir objective is the Lower Permian Leman Sandstone in an area where thisSouthern North Sea gas reservoir extends onshore. The well is located near toBridlington and some 7 kilometres to the south of the Caythorpe gas field whichproduces from the same formation. The prospect is mapped as containing gas inplace of up to 56 billion cubic feet. Secondary reservoir objectives existwithin the overlying Zechstein carbonates and deeper Carboniferous sandstones. The well, which will be drilled directionally to a planned total depth of around2000 metres, will take around 40 days to drill. Egdon's share of the costs ofthe drilling and any subsequent testing of the well will be largely carried. For further information please contact: Egdon Resources PlcMark Abbott, Joint Managing Director 01256 702 292Andrew Hindle, Joint Managing Director 0208 332 1200 Buchanan CommunicationsBen Willey 020 7466 5000Nicholas Melson Seymour PierceJonathan Wright 020 7107 8000 Notes to Editors: The co-venturers in the PEDL 071 licence are as follows: Company InterestEgdon Resources Plc (Operator) 25.0%Sterling Resources (UK) Limited 20.0%Gas Plus E&P UK Limited 17.5%Gas Plus O&G UK Limited 17.5%Granby Enterprises Limited 10.0%Montrose Industries Limited 10.0% 100.0% Company Background Egdon is an established, UK-based energy company primarily focused on theonshore UK. Egdon also has exploration interests in the offshore UK and France.Egdon's shares are traded on the AIM market. The Company has developed two distinctive businesses; an oil and gas explorationand production business which has a portfolio of twenty exploration licences,and a gas storage business initially focused on the development of a major saltcavern gas storage facility on Portland, Dorset. Egdon plans to demerge the two businesses in January 2008. In accordance with AIM rules - guidance for mining, oil and gas companies, theinformation contained in this announcement has been reviewed and signed off bythe Joint Managing Director of Egdon Resources Mark Abbott, a Geoscientist withover 21 years experience. This information is provided by RNS The company news service from the London Stock Exchange