12 Nov 2010 15:10
Immediate Release 12 November 2010
EGDON RESOURCES PLC
Markwells Wood-1 Drilling Update
The Board of Egdon Resources plc (AIM:EDR) notes the release made today by Northern Petroleum (GB) Limited ("Northern"), the operator of the planned Markwells Wood-1 well in Sussex licence PEDL126, where Egdon's wholly owned subsidiary Egdon Resources U.K. Limited holds a 10% interest.
Northern has advised that the drilling equipment is currently moving onto the Markwells Wood-1 well site in preparation for commencement of drilling operations. The Markwells Wood-1 well is located between the Horndean and Singleton producing oil fields and is assessed to be an extension of the former. The final measured depth of the directionally drilled well will be 1831m at a true vertical depth of 1380m. The operator has stated that Markwells Wood-1 well will test a target with independently assessed mean potential of 35.0 million barrels of oil in place, with upside potential (with a ten percent probability) of 61.4 million barrels of oil in place.
The Licence Partners in the Markwells Wood-1 well are:
Northern Petroleum (GB) Limited (operator) 50%Magellan Petroleum (UK) Limited 40%Egdon Resources U.K. Limited 10%
For further information please contact:
Egdon Resources plc
Mark Abbott 01256 702292
Buchanan Communications
Richard Darby, James Strong, Gabriella Clinkard 020 7466 5000
Nominated Adviser and Broker - Seymour Pierce
Jonathan Wright, Richard Redmayne 020 7107 8000
Notes to Editors:
Egdon Resources plc
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 Europe.
Egdon currently holds interests in twenty nine 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 has production from the Keddington and Kirklington oil fields in the East Midlands and the Avington oil field in Hampshire. Further oil and gas production is anticipated from Kirkleatham and Ceres in 2010 and Waddock Cross in 2011.
On completion of the acquisition of Encore (E&P) Limited, Egdon will acquire a further two permits onshore France.
Egdon Resources plc listed on AIM in January 2008, following the demerger of its gas storage business, Portland Gas plc (now renamed Infrastrata plc). The pre-demerged business was formed in 1997 and listed on AIM in December 2004.
www.egdon-resources.com
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 23 years' experience.