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Wressle Update

13 May 2020 07:00

RNS Number : 6869M
Egdon Resources PLC
13 May 2020
 

 

13 May 2020

EGDON RESOURCES PLC

 ("Egdon" or "the Company")

Wressle Update

Egdon Resources plc (AIM: EDR, "Egdon") is pleased to provide an update on the Wressle development in North Lincolnshire Licences PEDL180 and PEDL182 where the Company holds a 30% operated interest.

The Wressle development was granted planning consent on appeal on 17 January 2020. The Planning Inspector also allowed Egdon's application for costs against North Lincolnshire Council ("NLC") and we can advise that the gross sum of c. £403,000* has now been received from North Lincolnshire Council as settlement in full of these costs.

As previously advised the plan for the Wressle development comprises the following key stages:

1. Discharging the planning conditions, finalising detailed designs, tendering and procurement of materials, equipment and services and finalising all HSE documentation and procedures

2. Installation of groundwater monitoring boreholes and establishing baseline groundwater quality through monitoring and analysis

3. Reconfiguration of the site

4. Installation and commissioning of surface facilities

5. Sub-surface operations

6. Commencement of production

Following NLC approval of the installation plan and discharge of the associated planning condition we have now completed the installation of four groundwater monitoring boreholes on the Wressle site. These boreholes will be subject to monitoring and analysis throughout the life of the site, with an initial three months of sampling to determine baseline groundwater quality.

 

As previously advised, on current plans, the Company envisages first oil during H2 2020.

 

Commenting, Mark Abbott, Managing Director of Egdon Resources plc, said:

 

"We continue to make good progress with the Wressle development despite the current challenging operating environment. The successful installation of the groundwater monitoring boreholes represents an important step in the progress to first oil which will increase Egdon's production by 150 barrels of oil per day.. Wressle remains economically robust with an estimated project break-even oil price of $17.62 per barrel. We are also pleased to have received the costs in full from North Lincolnshire Council which strengthens our finances."

\* This will be divided between partners proportionate with their interests.

For further information please contact:

Egdon Resources plc 

Mark Abbott / Martin Durham 01256 702 292

 

Buchanan

Ben Romney, Chris Judd 020 7466 5000

 

Nominated Adviser and Joint Broker - Cantor Fitzgerald Europe

David Porter/ Rick Thompson (Corporate Finance) 020 7894 7000

Caspar Shand Kydd (Sales)

 

Joint Broker - VSA Capital Limited

Andrew Monk (Corporate Broking) 020 3005 5000

Andrew Raca (Corporate Finance)

 

 

 

Notes to Editors:

Egdon Resources plc (LSE: EDR) is an established UK-based exploration and production company focused on onshore exploration and production in the hydrocarbon-producing basins of the UK.

Egdon holds interests in 44 licences in the UK and has an active programme of exploration, appraisal and development within its portfolio of oil and gas assets. Egdon is an approved operator in the UK. Egdon was formed in 1997 and listed on AIM in December 2004.

Qualified Person Review

In accordance with the AIM Rules - Note for Mining and Oil and Gas Companies, this release has been reviewed by Mark Abbott, Managing Director of Egdon, who is a geoscientist with over 30 years' experience and is a member of the Petroleum Exploration Society of Great Britain and a Fellow of the Geological Society. Mr Abbott has consented to the inclusion of the technical information in this release in the form and context in which it appears.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the publication of this announcement via Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
UPDSFAFIEESSELI
Date   Source Headline
6th Jan 20217:00 amRNSPreliminary Results
6th Jan 20217:00 amRNSResolution 3D Survey Update
5th Jan 20217:00 amRNSNotice of Results
26th Nov 20207:00 amRNSWressle Development Update and Loan Facility
10th Nov 20207:00 amRNSBiscathorpe Planning Update
16th Oct 20207:05 amRNSPEDL143 Relinquishment
14th Oct 20207:00 amRNSPEDL241 (North Kelsey) Alignment of Interests
7th Sep 20202:30 pmRNSNorth Kelsey Planning Update
26th Aug 20207:00 amRNSSettlement Proceeds Received
25th Aug 20207:00 amRNSShell Farm-in Update
3rd Aug 20207:00 amRNSWressle Development Update
29th Jun 20208:08 amRNSREPLACEMENT: Appointment of Nomad and joint Broker
29th Jun 20207:00 amRNSAppointment of Nomad and joint Broker
24th Jun 20207:00 amRNSHumber Oil & Gas PEDL253 Biscathorpe settlement
8th Jun 20207:00 amRNSUpdate on Licences P1929 and P2304
13th May 20207:00 amRNSWressle Update
27th Apr 20201:02 pmRNSDirector / PDMR Dealing
27th Apr 20207:00 amRNSTranche 2 of Equity Fundraising
22nd Apr 20207:00 amRNSDirector / PDMR Dealing
21st Apr 20207:00 amRNSInterim Results
14th Apr 20207:00 amRNSEquity Fundraising of approximately £500,000
2nd Apr 20207:00 amRNSCoronavirus (COVID-19) and Trading Update
30th Mar 20207:00 amRNSBiscathorpe Update - Significant Commercial Upside
18th Mar 20207:00 amRNSWressle Development Update
9th Mar 20207:15 amRNSEast Humber Basin Update
26th Feb 20207:00 amRNSProduction update and notice of results
21st Jan 20201:00 pmRNSP1929 and P2304 Farm-In Agreement with Shell U.K.
20th Jan 20207:00 amRNSUpdate on P1929 and P2304 Agreement
17th Jan 20203:00 pmRNSWressle Development Appeal Granted
19th Dec 20192:02 pmRNSResults of Annual General Meeting
27th Nov 20197:00 amRNSGrant of Licence Extensions: P1929 and P2304
19th Nov 20197:00 amRNSFinal Results
12th Nov 20192:05 pmRNSSecond Price Monitoring Extn
12th Nov 20192:00 pmRNSPrice Monitoring Extension
8th Nov 20197:00 amRNSWressle Development Public Inquiry Concluded
4th Nov 20197:00 amRNSGovernment Moratorium on Hydraulic Fracturing
4th Nov 20197:00 amRNSP1929 and P2304 Farm-out Exclusivity Agreement
1st Oct 20197:00 amRNSOperations Update
12th Sep 20197:00 amRNSSprings Road Update - Resource Density Results
4th Sep 20194:41 pmRNSSecond Price Monitoring Extn
4th Sep 20194:36 pmRNSPrice Monitoring Extension
20th Aug 20197:00 amRNSLicence Extension on PEDL143 "A24" Prospect
29th Jul 20197:00 amRNSWressle Planning Update
19th Jul 20197:00 amRNSNotification of Major Holdings
15th Jul 20197:00 amRNSBiscathorpe-2 Update
27th Jun 20197:00 amRNSSprings Road-1 Well Results
5th Jun 20197:00 amRNSCorrection
4th Jun 20197:00 amRNSOpen Offer Results
3rd Jun 201912:30 pmRNSResult of General Meeting
15th May 20192:00 pmRNSOpen Offer, GM and Production Update

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