Egdon Resources PLC Commencement drilling operations Laughton-1 Well (9970O)
February 15 2016 - 2:00AM
UK Regulatory
TIDMEDR
RNS Number : 9970O
Egdon Resources PLC
15 February 2016
15 February 2016
EGDON RESOURCES PLC
("Egdon" or "the Company")
Commencement of drilling operations Laughton-1 Well
Egdon Resources plc (AIM: EDR) is pleased to announce the
commencement of drilling operations at the Laughton-1 exploration
well in UK Onshore Licence PEDL209 located in Lincolnshire.
The Laughton-1 well was spudded 12 February. The well will
target a structural trap at a depth of over 1,500 metres defined on
reprocessed two-dimensional seismic data. The Laughton Prospect has
multiple conventional Carboniferous sandstone reservoir targets
with the primary objective being the Silkstone Rock, an
approximately 15 metre thick sandstone interval which is productive
in the analogous Corringham Oil Field located five kilometres to
the south-east. Two other potential reservoirs, the Kilburn
Sandstone and the Wingfield Flags, will also be targeted by the
well. The consolidated mean Prospective Resource volume for the
three targets, is estimated by Egdon to be 1.3 million barrels of
oil.
For clarity, the operations at the Laughton wellsite will not,
either now or in the future, involve the process of High Volume
Hydraulic Fracturing for shale gas.
In January 2016 Egdon announced that Union Jack will earn a 10%
interest in the Laughton-1 exploration well and two other
conventional prospects in PEDL209, in return for paying 16.67% of
the cost of the well. On completion of this transaction, the
licence interests in the Laughton Prospect and the two other
conventional prospects in PEDL209 will be:
Egdon Resources U.K. Limited : 50%
Blackland Park Exploration Limited : 28%
Stelinmatvic Industries Limited : 12%
Union Jack Oil plc : 10%
Commenting on the start of drilling operations at Laughton-1,
Mark Abbott, Managing Director of Egdon said:
"We are pleased to report the start of drilling at Laughton-1
and we look forward to updating shareholders with the preliminary
results from the well in around one month's time. Onshore oil and
gas projects remain commercially attractive even during a period of
reduced commodity prices. Egdon's conventional exploration drilling
programme remains a key part of our strategy, with successful
exploration capable of delivering near-term additions to our
production and revenue stream. "
For further information please contact:
Egdon Resources plc
Mark Abbott 01256 702 292
Buchanan
Richard Darby, Anna Michniewicz 020 7466 5000
Nominated Adviser and Broker - Cantor Fitzgerald Europe
David Porter, Sarah Wharry (Corporate Finance) 020 7894 7000
Richard Redmayne (Corporate Broking)
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 primarily focused on onshore
exploration and production in the hydrocarbon-producing basins of
the UK and France.
Egdon currently holds interests in thirty six licences in the UK
and France and is awaiting the issue of a further nine new UK
licences in the 14(th) Round. The Company has an active programme
of exploration, appraisal and development within its balanced
portfolio of oil and gas assets and is an approved operator in both
the UK and France.
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 potential recoverable hydrocarbons 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).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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