Egdon Resources PLC Keddington-5 Development Well (3036O)
February 08 2016 - 2:00AM
UK Regulatory
TIDMEDR
RNS Number : 3036O
Egdon Resources PLC
08 February 2016
8 February 2016
EGDON RESOURCES PLC
("Egdon" or "the Company")
Keddington-5 Development Well Suspended for Future Production
Testing
Egdon Resources plc (AIM:EDR) is pleased to provide an
operational update on the Keddington-5 (KD5) development well. KD5
was spudded on the 20 January 2016 and on 1 February 2016 reached
total depth (TD) of 2,433 metres measured depth, (2,201 metres true
vertical depth below Ordnance Survey Datum).
During the course of drilling, elevated gas readings -
indicative of the presence of hydrocarbons were recorded from a
gross interval of 141 metres, containing 62 metres of net sand.
KD5 development well has been suspended with a completion string
that will enable production flow testing of the reservoir with a
traditional beam pump in due course.
The Keddington Field interests are as follows:
Egdon Resources U.K. Limited 45% (Operator)
Terrain Energy Limited 35%
Nautical Petroleum Limited* 10%
Union Jack Oil plc 10%
*Nautical Petroleum Ltd is a 100% wholly owned subsidiary of
Cairn Energy PLC
Commenting on the completion of operations at Keddington-5, Mark
Abbott, Managing Director of Egdon, said:
"We are pleased to report the conclusion of the KD5 drilling
operation which was drilled and completed within budget. Following
release of the drilling rig and reinstatement of surface
facilities, the well will be tested to establish the potential
production."
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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