Egdon Resources PLC North Kelsey Planning Update (2582Y)
September 07 2020 - 8:30AM
UK Regulatory
TIDMEDR
RNS Number : 2582Y
Egdon Resources PLC
07 September 2020
7 September 2020
EGDON RESOURCES PLC
("Egdon" or "the Company")
North Kelsey Planning Update
Egdon Resources plc (AIM:EDR) advises that its application to
extend to 31 December 2021, the existing planning permission to
drill conventional exploratory oil well at North Kelsey-1 site
location was approved at today's meeting of the Lincolnshire County
Council Planning Committee.
Commenting on the decision, Mark Abbott, Managing Director of
Egdon Resources plc, said:
"We are pleased with today's decision to extend the planning
permission as it enables us to progress our drilling plans at the
North Kelsey conventional oil prospect which have been delayed by
COVID-19 restrictions. We will now progress our plans for drilling
during 2021, providing a further potentially material near-term
value catalyst for Egdon"
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.
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 hydrocarbon volumes has been assessed in
accordance with 2018 Petroleum Resources Management System (PRMS)
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), the Society of Petroleum Evaluation
Engineers (SPEE), the Society of Exploration Geophysicists (SEG),
the Society of Petrophysicists and Well Log Analysts (SPWLA).
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.
North Kelsey
The PEDL241 Licence Interests are:
Egdon Resources U.K. Limited 80% (Operator)
Union Jack Oil plc 20%
Under the terms of a farm-in agreement with Union Jack Oil plc,
Egdon will be carried by Union Jack for 10% of the North Kelsey-1
well costs reducing Egdon's paying costs to 70%.
The North Kelsey Prospect has been mapped from 3-Dimensional
seismic data and has potential for oil in up to four stacked
conventional Carboniferous reservoir targets: the Chatsworth Grit,
Beacon Hill Flags, Raventhorpe Sandstone and Santon Sandstone.
Egdon has calculated the Prospective Resources to range from 4.66
million barrels up to 8.47 million barrels, with a Mean Resource
volume of 6.47 million barrels.
For clarity the operations at the site will not involve the
process of hydraulic "fracking" for shale gas or shale oil either
now or in the future. This part of Lincolnshire does not have the
specific rock-formation types that contain shale gas as confirmed
by the British Geological Survey in 2013.
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