24 Jun 2013 07:00
24 June 2013 |
EGDON RESOURCES PLC
("Egdon" or "the Company")
Planning Approval for Wressle -1 (PEDL180)
Egdon Resources plc (AIM:EDR) is pleased to announce that it has been notified by North Lincolnshire Council that Planning Consent has been granted for the drilling of an exploratory borehole on the Wressle Prospect in UK Onshore Petroleum Exploration and Production Licence PEDL180, located to the east of Scunthorpe.
The Wressle Prospect is defined on proprietary 3D seismic data, which was acquired by Egdon in February 2012. The Prospect is located on trend with the producing Crosby Warren oil field and the Broughton-B1 oil discovery, both to the immediate northwest, and the Brigg-1 oil discovery to the immediate southeast. These contain oil in multiple Upper Carboniferous sandstone reservoirs. The gross most likely Prospective Resources1 at Wressle, as calculated by Egdon, are estimated to be 2.1 million barrels of oil.
The planned well will be drilled as a deviated well to a total depth of about 2300 metres (ca. 1850 metres TVDSS2) with a maximum offset of approximately 1250 metres. It has been designed to intersect all of the prospective sandstone reservoirs in a structurally favourable position near the crest of the Wressle structure.
The interests in the Wressle-1 well are:
Egdon Resources U.K. Limited 25.00% (Operator)
Celtique Energie Petroleum Limited 33.33%
Europa Oil & Gas Limited 33.34%
Union Jack Oil plc 8.33%
Under the terms of a Farm-Out Agreement, as previously announced, Union Jack Oil plc will pay an additional 8.33% out of Egdon's share of the cost of the well so reducing Egdon's net share of the cost to 16.67%.
Commenting on the approval Mark Abbott, Managing Director of Egdon said:
"We are pleased that North Lincolnshire Council has approved our application for the drilling of the Wressle-1 exploration well and we can now look forward to the commencement of drilling operations later in 2013."
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)
1Prospective Resources are those quantities of petroleum which are estimated, on a given date, to be potentially recoverable from undiscovered accumulations
2TVDSS means True Vertical Depth Sub-Sea which is the vertical depth measured relative to a datum of mean sea level
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 thirty 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).