The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksEDR.L Regulatory News (EDR)

  • There is currently no data for EDR

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

PEDL139/140 Shale-Gas Resource Assessment

15 Jan 2013 10:45

RNS Number : 5733V
Egdon Resources PLC
15 January 2013
 



 

 

15th January 2013

EGDON RESOURCES PLC

("Egdon" or "the Company")

 

PEDL139/140 Shale-Gas Resource Assessment

 

Egdon Resources plc (AIM:EDR) is pleased to announce the results of an independent evaluation by RPS Energy ("RPS") of the potential shale-gas resources in the Company's onshore U.K. East Midland licences PEDL139 and PEDL140 (the "Licences") where the Company holds 13.5% interests.

RPS has reviewed the available data in the Licences and made an assessment of potential gas volumes and geological chance of success based on analogous shale-gas plays in the USA. The Licences are located in Lincolnshire and cover an area which is underlain by the Gainsborough Trough, a geological basin which contains a 125 metre thick sequence of the Carboniferous age Pendleian Shale at a depth of over 2000 metres. The Pendleian Shale is the approximate age equivalent of parts of the Bowland Shale which is the principal shale-gas reservoir target under evaluation in the Bowland Basin of North West England.

RPS estimates the mean net Egdon total gas in place ("GIIP") as 1.76 trillion cubic feet of gas ("tcf") within the Licences. A review of the surface and sub-surface access constraints in the area has resulted in an estimated mean net Egdon Accessible GIIP of 1.22 tcf. The net Egdon mean Prospective Resources1 are estimated as 0.19 tcf based on recovery rates in analogous US plays. RPS estimates the geological chance of success to be 24%.

Egdon intends to evaluate the potential of the Licences through drilling a deep exploration well, which it is hoped will be undertaken during 2014 subject to obtaining all necessary consents and approvals. Egdon's costs are carried through this work programme.

In addition to the Pendleian Shale, which is the subject of the RPS report, Egdon interprets potential for significant additional shale-gas resources in the underlying Carboniferous succession in the blocks that will be evaluated by any future drilling. Egdon is also evaluating the unconventional resource potential in certain of the Company's other East Midlands licences.

Commenting on the report and recent government announcements in relation to shale-gas exploration, Mark Abbott, Managing Director of Egdon, said;

"Whilst recognising that we are still at an early exploration stage in these Licences, and indeed for UK unconventional resources in general, we are encouraged by the results of the RPS evaluation which indicate that the geological conditions appear favourable for the development of a potentially material shale-gas resource based on the currently available data and comparison with US analogues.

We welcome the announcements in December 2012 by the UK Government in relation to Gas Strategy, the setting up of the Office of Unconventional Gas and Oil, and the approval for restarting of shale-gas exploration in the UK. There is now a clear regulatory framework for the exploration of the UK's unconventional oil and gas resources which have the potential to make a significant contribution to the UK's economy and energy mix over the coming decades.

An executive summary of the report by RPS will be available for download from Egdon's website."

Note1 Any development would have to take into account permitting, legal issues, environmental issues and availability of project finance, but RPS has not made a risk assessment of these factors. In addition RPS has made the assumption that adequate numbers of rigs and fraccing units will be available to drill and complete the large number of horizontal wells which would be required to fully develop the mean Prospective Resources estimated by RPS.

 

For further information please contact:

 

Egdon Resources plc

Mark Abbott 01256 702292

 

Buchanan

Richard Darby, Gabriella Clinkard 020 7466 5000

 

Nominated Adviser and Broker - Seymour Pierce

Jonathan Wright/ David Porter (Corporate Finance) 020 7107 8000

Richard Redmayne (Corporate Broking)

 

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 France.

 

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 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.

In the report prepared by RPS, evaluation of potential recoverable hydrocarbons has been assessed in accordance with 2007 Petroleum Resources Management System prepared by the Oil and Gas Reserves Committee of the Society of Petroleum Engineers (SPE) and reviewed and jointly sponsored by the World Petroleum Council (WPC), the American Association of Petroleum Geologists (AAPG) and the Society of Petroleum Evaluation Engineers (SPEE).

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCBAMMTMBIBBJJ
Date   Source Headline
5th Jan 20184:35 pmRNSPrice Monitoring Extension
5th Jan 20182:05 pmRNSSecond Price Monitoring Extn
5th Jan 20182:00 pmRNSPrice Monitoring Extension
5th Jan 201811:05 amRNSSecond Price Monitoring Extn
5th Jan 201811:00 amRNSPrice Monitoring Extension
5th Jan 20189:05 amRNSSecond Price Monitoring Extn
5th Jan 20189:00 amRNSPrice Monitoring Extension
5th Jan 20187:00 amRNSWressle Development Planning Appeals Rejected
7th Dec 201712:59 pmRNSResults of Annual General Meeting
4th Dec 20177:00 amRNSP2304 Offshore Licence Acquisition
21st Nov 20177:00 amRNSUpdate on Holmwood Well, PEDL 143, Weald Basin
6th Nov 20177:00 amRNSSale of interest in Fiskerton Airfield Oil Field
1st Nov 20173:18 pmRNSINEOS Acquires Interests in Egdon's Core Shale Gas
31st Oct 20177:00 amRNSFinal Results for the Year Ended 31 July 2017
27th Oct 20171:31 pmRNSFiskerton Airfield Oil Field Acquisition
25th Oct 20173:52 pmRNSNOTIFICATION OF MAJOR HOLDINGS
19th Oct 20177:00 amRNSHolmwood update
6th Oct 20177:00 amRNSNotification of Results
21st Sep 20179:12 amRNSNOTIFICATION OF MAJOR HOLDINGS
14th Aug 20177:00 amRNSEDR Operational Update
26th Jul 20178:42 amRNSNOTIFICATION OF MAJOR HOLDINGS
13th Jul 201710:00 amRNSBiscathorpe-2 Exploration Well
13th Jul 20177:00 amRNSWressle Planning Appeal Update
10th Jul 20177:00 amRNSUK Onshore Producing Oil Field Acquisition
3rd Jul 20173:29 pmRNSWressle Planning Decision
30th Jun 20177:00 amRNSWressle Planning Meeting
12th Jun 20177:00 amRNSUK Onshore Licence Interest Acquisition
19th May 20177:00 amRNSWressle-Issue of EA Mining Waste Permit Variation
8th May 20179:36 amRNSNotification of Major Shareholding
3rd May 20177:00 amRNSWressle Development - New Planning Application
11th Apr 20177:00 amRNSInterim Results for the 6 Months Ended 31 Jan 2017
11th Apr 20177:00 amRNSWressle - Appeal & New Planning Application
4th Apr 20177:00 amRNSPEDL209 exch of interests; new opt-in agreement
6th Mar 20177:00 amRNSNotification of Interim Results
7th Feb 201711:00 amRNSDirectors Shareholding
7th Feb 20177:00 amRNSWressle Update and Production Guidance
30th Jan 20177:00 amRNSCompletion of acquisition of interest in PEDL201
11th Jan 20174:10 pmRNSWressle Planning Decision
8th Dec 20161:00 pmRNSResults of Annual General Meeting
30th Nov 20163:45 pmRNSDirectors' Share Dealing
30th Nov 201611:55 amRNSTR-1 - Notification of Major Interest in Shares
25th Nov 20167:00 amRNSResult of Open Offer
16th Nov 20167:00 amRNSUK Onshore Licence Interest Acquisition
15th Nov 20161:23 pmRNSSprings Road Planning Decision
14th Nov 20161:13 pmRNSTR-1: Notification of Interest
14th Nov 201612:32 pmRNSTR-1: Notification of Interest
8th Nov 20167:00 amRNSPosting of Open Offer Circular
7th Nov 20167:00 amRNSExercise of Options
1st Nov 20167:10 amRNSSubscription and Open Offer
1st Nov 20167:00 amRNSFinal results for the Year Ended 31 July 2016

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.