17 Oct 2013 07:00
17 October 2013
EGDON RESOURCES PLC
("Egdon" or "the Company")
Completion of Seismic Survey, Dorset.
Egdon Resources plc (AIM:EDR) is pleased to announce the completion of the acquisition of a 3D seismic survey to the south and east of Dorchester in the County of Dorset, onshore U.K.
The survey, which covers parts of Petroleum Exploration and Production Licence PEDL237 and Production Licence PL090, was acquired by Tesla Exploration International Ltd. and comprised the acquisition of a total of 2,631 vibroseis source points covering an area of approximately 68.5 square kilometres.
The survey was designed to provide detailed structural data over a number of leads and prospects at various reservoir levels including the Sherwood Sandstone, the primary reservoir at the nearby Wytch Farm oilfield. The main focus of the survey was over the area of the Casterbridge and Broadmayne structures where, based on previous 2D seismic data, Egdon evaluated combined gross Best Estimate Prospective Resources of around 50 million barrels of oil.
The acquired data will now be processed by a specialist contractor to generate a 3D image of the geological structure of the area to enable the licence group to identify locations for possible future exploration drilling.
The Licence Interests in PL090 (excluding Waddock Cross) and PEDL237 are;
Egdon Resources U.K. Limited (Operator) 38.7500%
First Oil Expro Limited 22.6042%
Aurora Exploration Limited 16.1458%
Corfe Energy Limited 12.5000%
Dorset Exploration Limited (wholly owned by Egdon) 10.0000%
Commenting on the survey Jerry Field, Exploration Director of Egdon said:
"I would like to thank all the personnel of Tesla Exploration for their professionalism and commitment in undertaking the survey in an efficient, safe and considerate manner.
We look forward to receipt of the final processed data volume early in 2014 which will enable us to develop our future exploration plans on this highly prospective oil trend to the west of Wytch Farm, Western Europe's largest onshore oilfield.
After a period of limited activity by Egdon in Dorset, the recently announced commencement of production at Waddock Cross and this seismic survey illustrate our commitment to exploring the Wessex Basin, an area which has the potential to drive near-term shareholder value."
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 (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).
Prospective Resources are as defined in the SPE/WPC Standard.