EDR.L Regulatory News (EDR)

9 Jan 2008 11:53

Egdon Resources PLC09 January 2008 9 January 2008 For Immediate Release EGDON RESOURCES PLC ("EGDON" or "the Company") Result of Tees Exploration Well Egdon Resources Plc (AIM:EDR) the onshore UK focused energy company todayprovides an update on the results of the Tees Prospect exploration well(designated 42/27a-3) drilled in licence P.1054 (block 42/27a) where the Companyholds a 10% interest. The well, operated by RWE Dea UK Limited, and located approximately 20kilometres south-east of Flamborough Head, was targeting the Tees Prospect, aLower Permian Leman Sandstone structural closure mapped on proprietary 3Dseismic data. The well reached a TD of 3238m (-3087 m TVDss) on 31 December2007. The primary Leman Sandstone target was penetrated close to prognosis withminor gas shows but the sands encountered were water bearing. There were alsogood indications of gas within a 25m sandstone within the deeper Carboniferousinterval but following log evaluation these were not considered worth testing.As such the well has been plugged and abandoned and the rig is beingdemobilised. The results of the well will be integrated into the block evaluation prior to adecision being made on the future of licence P.1054 (Block 42/27a) and theadjacent licence P.1133 (Block 42/26). For further information please contact: Egdon Resources Plc Mark 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 P.1054 licence are as follows: Company InterestRWE Dea UK Limited (Operator) 55.0%E.ON Rhurgas UK Caistor Limited 35.0%Egdon Resources Plc 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 three explorationlicences, and a gas storage business initially focused on the development of amajor salt cavern gas storage facility on Portland, Dorset. Egdon plans to demerge the two businesses on 17 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