TIDMEDR
RNS Number : 2518U
Egdon Resources PLC
28 March 2019
28 March 2019
EGDON RESOURCES PLC
("Egdon" or "the Company")
Springs Road-1 Reaches Total Depth
Egdon Resources plc is pleased to report the main points from
the announcement made this morning by IGas Energy plc ("IGas") as
they concern the Springs Road-1- ("SR-01") well on license PEDL140,
in which Egdon holds 14.5% interest:
-- The Springs Road-1 well has reached a total depth of 3,500
metres after encountering all three pre-drill targets - the Bowland
Shale, the Millstone Grit and the Arundian Shales.
-- A hydrocarbon bearing shale sequence of over 250 metres was
encountered within the upper and lower Bowland Shale (as announced
on 11 March 2019). In addition, significant gas indications were
observed within the Millstone Grit sequence, deeper parts of the
lower Bowland Shale and the Arundian shale.
-- The cores and wireline logs will now undergo a suite of
analysis, the first results of which should be available in the
second quarter of 2019 and which will give us further insight into
the resource potential and shale characterisation that will be
utilised for future appraisal and development of the wider East
Midlands area.
-- The Springs Road drilling performance has been very
encouraging with improved rates of penetration leading to better
than anticipated drilling performance and lower costs.
Commenting on the announcement Mark Abbott, Managing Director of
Egdon Resources plc, said:
"These results from the Springs Road-1 well are highly
encouraging, having encountered all three pre-drill objectives and
demonstrating the presence of a significant sequence of hydrocarbon
bearing shales. We await with anticipation the results of the
detailed core and wireline log analysis which will provide
additional insight into the resource potential of the Gainsborough
Trough where Egdon holds interests in 82,000 net acres. We look
forward to updating shareholders in due course."
For further information please contact:
Egdon Resources plc
Mark Abbott 01256 702 292
Buchanan
Ben Romney, Chris Judd 020 7466 5000
Nominated Adviser and Broker - Cantor Fitzgerald Europe
David Porter/Nick Tulloch (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:
Gainsborough Trough
Egdon has extensive operated and non-operated acreage interests
in the Gainsborough Trough unconventional gas plays in the East
Midlands.
Egdon are the third largest net acreage holder in the
Gainsborough Trough play with 82,000 net acres with shale/tight gas
potential.
Egdon's licences in the Gainsborough Trough contain an estimated
20 TCF of net Undiscovered GIIP in Upper and Lower Bowland-Hodder
Shales (or 40% of Egdon's total net undiscovered unconventional
resources GIIP of 51 TCF (ERCE 2014 and 2016 see below). The
Springs Road-1 well is the first modern well employing the latest
logging and coring techniques to test these Carboniferous age tight
gas and shale gas plays with Egdon's acreage.
Further information on the Gainsborough Trough is available on
our website at http://www.egdon-resources.com/gainsborough-trough/
and http://www.egdon-resources.com/operations/uk/east-midlands/
Further information on the Springs road well can be found at the
operator IGas' engagement website
http://www.igas-engage.co.uk/our-work-in-north-nottinghamshire/
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.
ERCE Estimates
ERCE's estimates of undiscovered GIIP are subject to exploration
risk, which may be considerable. ERCE has not assessed this risk as
no Prospective Resources have yet been attributed to these
properties by Egdon and ERCE, and further geoscientific and
engineering data need to be acquired to be able to quantify these
resources. ERCE notes that mining of the overlying coal measures
has occurred in a number of the licences, which may affect site
access and drilling operations. In the case where Prospective
Resources are identified within these licences, there is no
certainty that any portion of the resources will be discovered. If
discovered, there is no certainty that it will be commercially
viable to produce any portion of the resources.
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.
Evaluation of hydrocarbon volumes 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).
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
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