15 Oct 2008 07:00
| Immediate Release | 15 October 2008 |
EGDON RESOURCES PLC
("Egdon" or "the Company")
Grant of Planning Permission - Eakring-Dukes Wood Rejuvenation Project
The Directors of Egdon Resources plc (AIM:EDR), the UK-based exploration and production company primarily focused on the hydrocarbon-producing basins of onshore UK and Europe, are pleased to advise that planning permission has been granted to its wholly owned subsidiary Egdon Resources U.K. Limited for the drilling of an exploratory well at the Company's Eakring-Dukes Wood oil field rejuvenation project in Nottinghamshire.
Nottinghamshire County Council granted permission on 10 October 2008 for the drilling at Whip Ridding Farm. The well will be drilled directionally to a planned measured depth of around 800 metres to test the crestal part of the Dukes Wood anticline in an area where Egdon have identified potential for undrained oil and re-migrated oil. The primary target for the well will be the Ashover Grit reservoir interval with secondary reservoir objectives in the Sub-Alton Crawshaw, Loxley Edge Rock and Wingfield Flags.
Further details of the well and its objectives will be provided once drilling operations commence later in 2008.
Commenting on the grant of planning permission, Mark Abbott Managing Director of Egdon said
"This planning permission enables us to move forward with our evaluation of the rejuvenation potential of the Eakring-Dukes Wood oil field where we see low risk opportunities to add production and reserves to our near term asset base. We are encouraged that this application did not receive any objections and are now satisfying the planning conditions and preparing to drill this well."
For further information please contact:
Egdon Resources plc
Mark Abbott, Managing Director 01256 702292
Buchanan Communications
Ben Willey, Miranda Higham 020 7466 5000
Nominated Adviser and Broker - Seymour Pierce
Jonathan Wright, Sarah Jacobs, Richard Redmayne 020 7107 8000
Company Background
Egdon Resources plc 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 mainland Europe.
Egdon holds interests in twenty-five 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 currently has production from the Keddington oil field in the East Midlands. Further oil and gas production is anticipated from Avington, Kirkleatham, Waddock Cross, Eakring-Dukes Wood and Kirklington within the next six to twelve months.
Egdon Resources plc listed on AIM in January 2008, following the demerger of its gas storage business, Portland Gas plc. The pre-demerged business was formed in 1997 and listed on AIM in December 2004.
In accordance with AIM rules - guidance for mining, 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 22 years experience.