18 Aug 2015 14:35
18th August 2015
EGDON RESOURCES PLC
("Egdon" or "the Company")
Egdon to be offered blocks in the 14th Onshore Oil and Gas Licensing Round first tranche
Egdon Resources plc (AIM:EDR) notes that the Oil and Gas Authority ("OGA") has today announced the blocks to be offered in the first tranche of the 14th Onshore Oil and Gas Licensing Round, which closed on 28th October 2014.
The management of Egdon are pleased to announce that the Company has been advised it will be offered a total of seven blocks or part blocks in this first tranche. The blocks are located in the East Midlands Petroleum Province and expand the Company's acreage and opportunity base within one of its core areas of activity. The blocks to be offered provide a mix of new conventional, shale-gas and tight-oil opportunities.
In the Gainsborough Trough, the Company is to be offered a 15% interest in Blocks SE41e, SK49, SK89e, SK88b and SK87c. These blocks will be in a joint venture with IGas (35% and operator) and Total E&P UK Limited (50%), building on the Company's existing relationships within this area.
In the Widmerpool Basin, Egdon will be offered an 18.75% operated interest in Blocks SK52a and SK53 in a joint venture with Hutton Energy Limited (25%), Coronation (Oil and Gas) Limited (25%), Celtique Energie Petroleum Limited (18.75%) and Petrichor Energy UK Limited (12.5%).
Egdon also applied for a number of additional blocks in other areas and notes that a second tranche of 14th round offers are expected to be made at a later date after the conclusion of a consultation under the Conservation of Habitats and Species Regulations 2010, which has today been announced by OGA.
Commenting on the offers, Mark Abbott Managing Director of Egdon Resources said;
"We are delighted to have been advised we will be offered a number of high quality blocks in what has been a very competitive licensing round. The new blocks provide significant opportunities for growth and will be excellent additions to Egdon's UK portfolio of interests. As an established operator with a strong licence holding, we are also encouraged by the high level of interest shown in the onshore UK. We now await the results of the second tranche of offers with interest."
For further information please contact:
Egdon Resources plc
Mark Abbott, Jerry Field 01256 702 292
Buchanan
Richard Darby, Anna Michniewicz 020 7466 5000
Nominated Adviser and Broker - Cantor Fitzgerald Europe
David Porter, Sarah Wharry (Corporate Finance) 020 7894 7000
Richard Redmayne (Corporate Broking)
Joint Broker - VSA Capital Limited
Andrew Monk (Corporate Broking) 020 3005 5000
Andrew Raca (Corporate Finance)
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 four 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.