Egdon Resources PLC Completion of drilling at Kiln Lane-1 (1144I)
March 23 2015 - 3:01AM
UK Regulatory
TIDMEDR
RNS Number : 1144I
Egdon Resources PLC
23 March 2015
23 March 2015
EGDON RESOURCES PLC
("Egdon" or "the Company")
Completion of drilling operations at the Kiln Lane-1 Exploration
Well on PEDL181
Egdon Resources plc (LSE: EDR) notes that Europa Oil and Gas plc
("Europa") has today announced the completion 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
company with a combination of producing and exploration assets in
Europe, announces the completion of drilling operations at the Kiln
Lane-1 conventional exploration well ('Kiln Lane' or 'the Well') on
Licence PEDL 181 in Northeast Lincolnshire. The Well spudded on 23
February 2015 and reached a total depth ('TD') of 2,291 metres on
19 March. Sandstones in the Westphalian and Namurian intervals were
penetrated in line with the pre-drill geological model and
significant oil and gas shows were observed during drilling
operations. However, wireline logging and subsequent petrophysical
analysis indicates that the sandstones encountered are water wet.
The Well will therefore be plugged and abandoned and the site
restored to agricultural use.
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. Europa and its
partners will conduct a detailed post-drill technical review of all
relevant well and seismic data to determine the way forward with
this large exploration licence.
Europa's CEO, Hugh Mackay said, "While we are disappointed with
the outcome, Kiln Lane was drilled on schedule, on budget and
safely. This is testament to the performance of both our own
technical team and the engineering crew on the ground. Kiln Lane
was the first well to be drilled on this large licence where
multiple leads have been identified. The presence of hydrocarbon
shows is encouraging and the quality of data recovered will enable
clear decision making going forwards. Over the coming weeks and
months more technical work will be conducted on all the data and
geological samples recovered from the well as we refine our
hydrocarbon system model and plan our next steps for the
Licence."
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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