9 Dec 2014 07:00
9 December 2014
EGDON RESOURCES PLC
("Egdon" or "the Company")
Planning Permission granted for North Kelsey-1 Exploration Well
Egdon Resources plc (AIM:EDR) is pleased to advise that at the Planning and Regulation Committee Meeting of Lincolnshire County Council yesterday, planning consent was granted for the drilling and any subsequent testing of the North Kelsey-1 exploration well in Lincolnshire licence PEDL241.
The North Kelsey Prospect is located approximately 10 kilometres to the south of the Wressle-1 discovery well in PEDL180. The prospect is defined on 3D seismic data and has potential for up to four stacked conventional reservoir intervals in the Chatsworth, Beacon Hill, Ravensthorpe and Santon sandstones. The gross mean combined Prospective Resources for these multiple objectives, as calculated by Egdon are estimated to be 6.7 million barrels of oil.
It is intended to drill the North Kelsey-1 exploration well as part of a three well operated programme commencing during Q1 2015 which will include Laughton-1 in PEDL209 and Biscathorpe-1 in PEDL253, with Biscathorpe-1 still subject to planning. For clarity the operations at all sites will involve exploration for conventional hydrocarbons and will not involve the process of hydraulic 'fracking' for shale gas.
The interests in the North Kelsey-1 well are:
Egdon Resources U.K. Limited 40% (Operator)
Celtique Energie Petroleum Limited 50%
Union Jack Oil plc 10%
Under the terms of a farm-in agreement with Union Jack plc, Egdon will be carried by Union Jack for 10% of its share of the North Kelsey-1 well costs.
Commenting on the planning decision Mark Abbott, Managing Director of Egdon said;
"We are delighted to receive planning consent for the drilling of the North Kelsey-1 exploration well. North Kelsey will expose Egdon to 2.7 million barrels of mean Prospective Resources in a series of stacked sandstone reservoir targets. We will now work through the various planning conditions to be in a position to drill the North Kelsey-1 well as part of our H1 2015 drilling programme which in addition to operated wells at Laughton-1, North Kesley-1 and Biscathorpe-1 will include a well at Kiln Lane-1 operated by Europa."
For further information please contact:
Egdon Resources plc
Mark Abbott, Jerry Field 01256 702 292
Buchanan
Richard Darby, Anna Michniewicz 020 7466 5000
Nominated Adviser and Broker - Cantor Fitzgerald Europe
David Porter, Sarah Wharry (Corporate Finance) 020 7894 7000
Richard Redmayne (Corporate Broking)
Joint Broker - VSA Capital Limited
Andrew Monk (Corporate Broking) 020 3005 5000
Andrew Raca (Corporate Finance)
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 six 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 prospective resources 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).