TIDMEDR
RNS Number : 6056Q
Egdon Resources PLC
01 March 2021
01 March 2021
EGDON RESOURCES PLC
("Egdon" or "the Company")
Biscathorpe Project - Submission of Planning Application
Egdon Resources plc (AIM: EDR, "Egdon") is pleased to provide an
update on the Biscathorpe Project ("Biscathorpe") in Lincolnshire
Licence PEDL253 where the Company holds a 35.80% operated
interest.
Further to our announcement of 10 November 2020, Egdon is
pleased to advise that on 26 February 2021 it has submitted an
application to Lincolnshire County Council ("LCC") as the Mineral
Planning Authority, for planning permission for a side-track
drilling operation, associated testing and long-term oil production
at the Biscathorpe-2 Wellsite, High Street, Biscathorpe, Louth,
Lincolnshire. As the proposed development was screened by LCC as
being EIA development, the application was accompanied by an
Environmental Statement.
The planning application will now be validated before LCC
commences consultation on the proposals.
Subject to receipt of planning and other consents, the
Biscathorpe-2Z side-track conventional appraisal well could
potentially be drilled in H2 2021 and would target the Dinantian
Carbonate and Basal Westphalian Sandstone reservoirs.
Commenting, Mark Abbott, Managing Director of Egdon Resources
plc, said:
"We are pleased to confirm submission of a thorough and robust
planning application, completed within the expected timeframe
despite the challenges of the current operating environment. We
thank our advisors and consultants for their thorough and
professional work and look forward to updating stakeholders as the
planning consultation progresses.
Biscathorpe represents a material and financially robust
opportunity to secure an indigenous oil resource which would
generate local and regional economic benefits and have a lower
carbon footprint when compared to imported oil."
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, Lydia Zychowska 020 7220 1666
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 41 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.
Biscathorpe Highlights
-- PEDL253 is located within the proven hydrocarbon fairway of
the Humber Basin, on-trend with the Keddington oilfield which
produces oil from a Carboniferous Westphalian aged reservoir
-- Biscathorpe-2 (EDR: 35.8%) drilled to a TD of 2133 m in
February 2019 and suspended for potential side-track
-- Oil bearing Dinantian Carbonate reservoir of 68 metres has
been confirmed by independent petrophysical analysis and
geochemical analyses of cuttings samples carried out by APT
confirms the presence of 33-34 API gravity oil
-- Dinantian carbonate oil play has gross Mean STOIIP of 24.3
million barrels of oil (mmbo) with an upside of case of 36 mmbo
-- Evidence from reprocessed 3-D seismic for a thickened
Westphalian Sandstone reservoir interval is apparent with Gross
Mean Prospective Resources associated with the Westphalian target
total 3.95 mmbo with an upside case of 6.69 mmbo and, where
economic modelling of the Westphalian target alone, yields
break-even full cycle economics estimated at US$18.07 per barrel
and a gross NPV(10) valuation of GBP55.6 million
-- Detailed technical evaluation by the PEDL253 Joint Venture
has identified an accessible drilling target on the Biscathorpe
Prospect and plans are advanced for drilling B-2Z during H2 2021
that will allow both the Dinantian Carbonate and Basal Westphalian
Sandstone targets to be tested
-- Planning application submitted during February 2021 for
side-track drilling, testing and long-term production of the
proposed B-2Z appraisal well, subject to planning consent
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.
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