EDR.L Regulatory News (EDR)

8 Aug 2005 10:18

Egdon Resources PLC08 August 2005 For immediate release 8 August 2005 Egdon Resources Plc Planning permission granted for Waddock Cross appraisal wells Egdon Resources Plc ("Egdon" or the "Company") is pleased to announce thatDorset County Council have granted planning permission for the drilling of twowells to appraise the Waddock Cross oil discovery in the PL090 licence withinthe county of Dorset where Egdon holds a 45% interest. The first of thesewells, designated Waddock Cross-3, will target an elevated part of the structureidentified on the recently acquired 3D seismic survey. The well will be drilledfrom the existing Waddock Cross site and will be the first well of a multi-wellprogramme planned within Egdon's operated onshore UK licences. The planned drilling programme also includes two gas exploration wells on thePEDL068 Licence in North Yorkshire at Kirkleatham-4 and Westerdale-1, andpotentially a second appraisal well at Waddock Cross (Waddock Cross-4). A wellto confirm the thickness and properties of the salt sequence at the proposedIsle of Portland gas storage site is also programmed, although this is stillsubject to planning. It is anticipated that the programme will commence with the drilling of WaddockCross-3 in the fourth quarter of 2005. Long lead items for the programme suchas the drilling rig, casing and well heads are currently being tendered and theCompany will provide further detail on the final timing of the drillingprogramme once these tenders have been evaluated and contracts let. Commenting on the forthcoming drilling activity, Egdon's Joint ManagingDirector, Mark Abbott, said, "With the results of the recently acquired 3D seismic survey and the award ofplanning permission we are able to look forward to meeting our objective ofrealizing production from the Waddock Cross discovery in the near term. "In addition this planning consent provides Egdon with a material well programmeenabling us to embark as previously stated on an accelerated phase of drillingwhilst making significant overall cost savings on casing, equipment andservices." For further information please contact: Egdon Resources Plc 01256 702 292Mark Abbott, Managing Director Buchanan Communications 020 7466 5000Ben Willey This information is provided by RNS The company news service from the London Stock Exchange