Egdon Resources PLC Wressle Development Update (8204U)
August 03 2020 - 1:00AM
UK Regulatory
TIDMEDR
RNS Number : 8204U
Egdon Resources PLC
03 August 2020
3 August 2020
EGDON RESOURCES PLC
("Egdon" or "the Company")
Wressle Development Update
Egdon Resources plc (AIM: EDR, "Egdon") is pleased to provide an
update on the Wressle Oil Field Development ("Wressle" or the
"Development") where site works have now commenced and the
Development remains on track for first oil during H2 2020 as
previously advised. Wressle is located in North Lincolnshire
Licences PEDL180 and PEDL182 where the Company holds a 30% operated
interest.
The site civils contractor has mobilised and the works to
reconfigure the Wressle production site have commenced. These
works, which represent an important step in the Development, will
comprise the installation of a new High Density Polyethelene (HDPE)
impermeable membrane; French drain system; an approved surface
water interceptor; the construction of a purpose-built bund area
for storage tanks; a tanker loading plinth and an internal roadway
system.
The Development comprises a number of key stages which are
summarised below along with progress made to date:
1) Discharging the planning conditions, finalising detailed
designs, tendering and procurement of materials, equipment and
services and finalising all HSE documentation and procedures;
-- the key planning conditions have been discharged, progress
with detailed design tendering and procurement is proceeding as per
the plan and all HSE documentation and procedures are progressing
as per expectation
2) Installation of groundwater monitoring boreholes and
establishing baseline groundwater quality through monitoring and
analysis;
-- four groundwater monitoring boreholes have been installed and
two rounds of sampling and analysis undertaken to date
3) Reconfiguration of the site;
-- site works have commenced
4) Installation and commissioning of surface facilities;
5) Sub-surface operations; and
6) Commencement of production
Commenting, Mark Abbott, Managing Director of Egdon Resources
plc, said:
"We continue to make good progress with the Wressle development,
in line with the expected timeline, despite the challenges of the
current operating environment. The commencement of the site
reconfiguration works represents an important step in the progress
to first oil which will increase Egdon's production by 150 barrels
of oil per day. Wressle is economically robust with an estimated
project break-even oil price of $17.62 per barrel.
We maintain our guidance of first oil during H2 2020 and will
continue to update stakeholders as works progress ."
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 & Joint Broker - WH Ireland Limited
Chris Hardie 020 7220 1666
Lydia Zychowska
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
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