31 Mar 2014 07:31
31 March 2014
EGDON RESOURCES PLC
("Egdon" or "the Company")
Completion of 3D seismic PEDL139/140
Egdon Resources plc (AIM:EDR) notes the announcement made today by IGas Energy plc ("IGas") as it relates to UK Onshore Petroleum Exploration and Development Licences PEDL139 and PEDL140 located in the Gainsborough Trough geological basin in Lincolnshire, where Egdon holds a 14.5% interest.
IGas have reported the completion of 3-D seismic acquisition on PEDL139/140 and a forward plan to appraise the results with a view to site selection, before preparing both an Environmental Risk Assessment and subsequently a full Environmental Impact Assessment for the identified exploration well. In parallel a comprehensive community engagement programme in the selected area will commence.
For further information please contact:
Egdon Resources plc
Mark Abbott, Jerry Field 01256 702292
Buchanan
Richard Darby, Gabriella Clinkard, Tom Hufton 020 7466 5000
Nominated Adviser and Broker - Cantor Fitzgerald Europe
David Porter, Tom Sheldon (Corporate Finance) 020 7894 7000
Richard Redmayne (Corporate Broking)
Notes to Editors:
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.
PEDL139/140:
UK Onshore Petroleum Exploration and Development Licences PEDL139 and PEDL140 ("The Licences") are located in the Gainsborough Trough geological basin where shale-gas potential has been identified in rocks of Carboniferous age which exist at depth beneath the area. The licences are subject to a farm-in by Total as announced in January 2014. Under the terms of The Agreement Total will earn a 40% interest in The Licences through the funding of a fully carried work programme of up to $46.5 million (ca. £29 million). Total has the option to exit after an initial period of this work programme corresponding to a minimum commitment of $19.5 million (ca. £12 million). The programme includes the acquisition of 3D seismic, the drilling and testing of a vertical exploration well and associated well pad construction, and, conditional on the success of the testing of the exploration well, the drilling and flow testing of a second appraisal horizontal well.
The Licences cover an area of 240 square kilometres and are immediately adjacent to licences PEDL209 (which is subject to a farm-in option with Total) and PL161/162 where Egdon has further interests.