Egdon Resources PLC Extension of Licence PEDL143 (2716C)
June 27 2016 - 2:05AM
UK Regulatory
TIDMEDR
RNS Number : 2716C
Egdon Resources PLC
27 June 2016
27 June 2016
EGDON RESOURCES PLC
("Egdon" or "the Company")
Extension of Licence PEDL143
Egdon Resources plc (AIM:EDR) notes the release made this
morning by Europa Oil and Gas (Holdings) plc ("Europa") in respect
of PEDL143 where Egdon holds an 18.4% interest. Europa included the
following statements;
Europa "is pleased to announce it has received notification from
the Oil & Gas Authority that the PEDL 143 Licence in the Weald
Basin, Surrey, UK, has been extended by two years until 1 October
2018. This will enable Europa to drill the conventional Holmwood
prospect ('Holmwood'), which has estimated gross mean unrisked
prospective resources of 5.6 million barrels of oil ('mmbo') in
Portlandian and Corallian sandstones and a P90 - P10 range of
resources of 1 to 11mmbo, in late 2016 / H1 2017, subject to
funding.
PEDL143 is located in an area of the Weald Basin where 30
million barrels have been produced to date from 14 oil and gas
fields. The Holmwood prospect is located 5km to the south of the
Brockham oil field, which was discovered by BP in 1987 and today
produces oil from Portlandian sandstone reservoirs. Holmwood is
also 12km to the west of the Horse Hill-1 well in PEDL137 where UK
Oil & Gas Investments PLC ('UKOG') has reported production at a
combined average stable rate of over 1,688 bopd from Upper and
Lower Kimmeridge Limestone reservoirs and Upper Portland sandstone
reservoir during flow tests.
Planning permission is in place for a deviated exploration well
to be drilled at Holmwood which will penetrate similar stratigraphy
to Horse Hill, targeting oil in Upper and Lower Kimmeridge
Limestones in addition to Corallian and Portlandian sandstones. The
5.6mmbo gross mean unrisked prospective resources at Holmwood do
not include any estimate for the Jurassic limestones which have
been found to be producing in Horse Hill."
During 2015 Egdon completed a farmout to UK Oil & Gas
Investments PLC ("UKOG") in respect of the Holmwood-1 well whereby
UKOG will pay 40% of the well cost to earn a 20% interest from
Egdon up to a cap of GBP1.2 million net to UKOG.
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
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 14th 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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