16 Jul 2013 07:00
16 July 2013
EGDON RESOURCES PLC
("Egdon" or "the Company")
Planning Approval for Laughton-1 Exploration Well (PEDL209)
Egdon Resources plc (AIM:EDR) is pleased to announce that Lincolnshire County Council has granted Planning Consent for the drilling of an exploratory borehole on the Laughton Prospect in UK Onshore Petroleum Exploration and Production Licence PEDL209, located between the towns of Gainsborough and Scunthorpe in the East Midlands Petroleum Province.
The Laughton-1 well will target a structural trap defined on 2D seismic data. The prospect has multiple conventional Carboniferous sandstone reservoir targets with the primary objective being the Silkstone Rock, an approximately 15 metres thick sandstone interval which is productive in the Corringham oil field 5 kilometres to the South East. Egdon currently estimate gross Best Estimate Prospective Resources of around 1 million barrels of oil for the Silkstone Rock in the Laughton Prospect.
Under the terms of a Farm-in Agreement Egdon will earn a 60% interest in the Licence in return for paying 100% of the cost of the Laughton-1 exploration well which is estimated at around £1.3 million. Egdon expects to drill the well during 2014 as part of a planned East Midlands exploration drilling programme which, subject to planning, could include wells on the North Kelsey and Biscathorpe prospects.
The Licence Interests in PEDL209 at completion of the farm-in will be;
Egdon Resources U.K. Limited (Operator) 60%
Blackland Park Exploration Limited 28%
Stelinmatvic Industries Limited 12%
Commenting on the approval Mark Abbott, Managing Director of Egdon said:
"We are pleased that Lincolnshire County Council has approved the application for the drilling of the Laughton-1 exploration well and we will now work to satisfy the various planning and permitting conditions to be in a position to drill this well during 2014."
For further information please contact:
Egdon Resources plc | |
Mark Abbott, Jerry Field | 01256 702292 |
Buchanan | |
Richard Darby, Gabriella Clinkard, Tom Hufton | 020 7466 5000 |
www.buchanan.uk.com | |
Nominated Adviser and Broker - Cantor Fitzgerald Europe | |
David Porter, Rick Thompson (Corporate Finance) | 020 7894 7000 |
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.
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).
Prospective Resources are as defined in the SPE/WPC Standard.