Egdon Resources PLC PEDL143 Relinquishment (2601C)
October 16 2020 - 1:05AM
UK Regulatory
TIDMEDR
RNS Number : 2601C
Egdon Resources PLC
16 October 2020
16 October 2020
EGDON RESOURCES PLC
("Egdon" or "the Company")
PEDL143 Relinquishment
Egdon Resources plc (AIM:EDR) notes the press release made today
by UK Oil & Gas PLC ("UKOG") the operator of PEDL143, where
Egdon held a 18.4% interest.
In its release UKOG advised the following in respect of
PEDL143;
"A detailed study examining the viability of drilling the A24
(formerly Holmwood) Portland prospect's centre from selected sites
outside the Surrey Hills Area of Outstanding Natural Beauty, each
over 3 km from the target, concludes that the required
long-reach/shallow target-depth wells are neither technically
viable nor economically feasible. Consequently, UKOG and its
partners have now relinquished their interests in the licence."
Mark Abbott, Managing Director of Egdon Resources plc, said:
"The relinquishment is supported by Egdon, as a technically and
commercially viable site to drill the A24 Prospect (formerly
Holmwood) couldn't be identified. It enables Egdon to focus its
resources on the core near-term priorities; namely, moving to
production at Wressle during this quarter, progressing drilling
options at Biscathorpe and North Kelsey, and acquiring a marine 3D
seismic survey over the Resolution and Endeavour gas discoveries
during the coming period."
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 43 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 27 years'
experience.
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.
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END
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