EDR.L Regulatory News (EDR)

17 Jan 2008 07:00

Egdon Resources PLC17 January 2008 For Immediate Release 17 January 2007 Egdon Resources plc ("Egdon" or "the Company") First Day of Dealing on AIM Egdon Resources plc (AIM : EDR) the exploration and production company focussedon the onshore UK and mainland Europe today announces the commencement ofdealing in its shares on AIM following completion of the demerger of EgdonResources plc and Portland Gas plc, which is also admitted to trading on AIMtoday. Seymour Pierce Limited is the Nominated Adviser and Broker. Overview of Egdon Egdon Resources plc will remain focused on oil and gas exploration andproduction in the UK and mainland Europe. It has a portfolio of over 20 licencesall in areas of proven oil and gas production. Egdon's licences are located inthe Wessex and Weald basins of Southern England, the Midlands Petroleum Provinceand the Cleveland Basin of Northern England, on the UKCS and in the AquitaineBasin of South West France. Egdon currently has operated production from the Keddington oil field and testproduction from the Avington oil discovery. It has a programme of fieldappraisal and developments planned for 2008 and 2009, starting with a well onthe Grenade Heavy Oil accumulation in SW France as announced on 14 January 2008.Further activity is planned during 2008 at the Kirkleatham gas discovery, theEakring- Dukes Wood oil field and the Waddock Cross oil discovery. Egdon also has a portfolio of oil and gas exploration assets ranging fromsmaller exploration prospects such as those in the East Midlands to highpotential oil and gas prospects in Southern England, and multi-TCF gas prospectsin SW France. The Egdon team will be led by Mark Abbott as Managing Director, with theremaining Board members being Philip Stephens (Non-Executive Chairman), WalterRoberts (Company Secretary and Non-Executive Director), Andrew Hindle(Non-Executive Director), Kenneth Ratcliff (Non-Executive Director), and JohnRix (Non Executive Director). Upon admission there will be 67,801,840 ordinary shares in issue. Commenting on the listing on AIM, Mark Abbott, Managing Director of Egdon said: "Egdon's ongoing strategy is to add material shareholder value via drill bitsuccess across its portfolio. The Company has an excellent portfolio ofinterests, and we have commenced 2008 with a highly prospective drillingcampaign in France. We look forward to further progress over the coming months." For further information please contact: Egdon Resources PlcMark Abbott, Managing Director 01256 702 292 Buchanan CommunicationsBen Willey 020 7466 5000Nicholas MelsonMiranda Higham Seymour Pierce LimitedJonathan Wright 020 7107 8000Sarah Jacobs This information is provided by RNS The company news service from the London Stock Exchange