Egdon Resources PLC Commencement of Drilling Operations at Kiln Lane-1 (5690F)
February 23 2015 - 3:14AM
UK Regulatory
TIDMEDR
RNS Number : 5690F
Egdon Resources PLC
23 February 2015
23 February 2015
EGDON RESOURCES PLC
("Egdon" or "the Company")
Commencement of Drilling Operations at Kiln Lane-1 (PEDL181)
Egdon Resources plc (LSE: EDR) notes that Europa Oil and Gas plc
("Europa") has today announced the commencement of drilling
operations at the Kiln Lane-1 Exploration Well on PEDL181 where
Egdon holds a 25.0 per cent interest.
Europa's RNS contained the following information:
"Europa Oil & Gas (Holdings) plc, the AIM quoted oil and gas
exploration and development company with a combination of producing
and exploration assets in Europe, is pleased to announce its Kiln
Lane -1 conventional exploration well ('Kiln Lane') on Licence PEDL
181 in Northeast Lincolnshire spudded at 7:06 hours on 23(rd)
February 2015. The Company estimates Kiln Lane has mean gross
un-risked recoverable resources of 2.9 million barrels of oil.
Europa is operator of and has a 50% working interest in PEDL 181,
which covers an area of over 540 km2 in the East Midlands Petroleum
Province. Egdon Resources and Celtique Energie Petroleum Ltd each
have a 25% interest in the Licence.
The planned well will be drilled as a straight hole to a total
depth of approximately 2,500 metres. Europa anticipates drilling
operations will take 36 days. The Kiln Lane prospect is a robust
structural closure defined on 3-D seismic data and the well has
been designed to intersect a number of prospective Upper
Carboniferous age sandstone reservoirs in a structurally favourable
position near the crest of the structure. Kiln Lane is located some
25 km east of both Europa's Crosby Warren field, which has been
producing oil for almost 28 years, and the recent Egdon-operated
Wressle-1 oil discovery in PEDL 180 in which Europa has a 33.3%
interest. The prospect is a typical East Midlands Petroleum
Province oil play but in a comparatively underexplored part of the
basin.
In the event of exploration success Europa will suspend the well
and return with a dedicated test rig for production testing
operations in a similar fashion to the current testing operations
at Wressle. Should production testing prove successful we will
follow up with an extended well test with the intention of
obtaining more detailed reservoir performance information to enable
fast track development. Success at Kiln Lane also has the potential
to substantially de-risk a number of other exploration leads in the
licence area for possible follow-up drilling. Kiln Lane is a
conventional exploration well targeting oil in Upper Carboniferous
sandstone reservoirs. It is not a shale gas well and therefore
operations at the site will not involve hydraulic fracturing.
Europa's CEO, Hugh Mackay said, ""We are delighted to commence
operations on the Kiln Kane conventional oil prospect and we look
forward to updating shareholders with the results from this well
towards the end of March. I wish to thank our geoscience,
operations and permitting teams all of whom have delivered
excellent performance and have brought the well to spud on schedule
against a tight timeframe. We are encouraged by the recent
discovery of oil at the neighbouring Wressle well and we hope that
Kiln Lane will be similarly successful and provide another
opportunity to build on our existing oil production and revenues
from conventional oil fields in the East Midlands Petroleum
Province."
"
For further information please contact:
Egdon Resources plc
Mark Abbott, Jerry Field 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
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 four licences in the
UK and France and has an active programme of exploration, appraisal
and development within its balanced portfolio of oil and gas
assets. Egdon 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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