Egdon Resources PLC Planning Permission Granted for Biscathorpe-2 well (5551H)
March 16 2015 - 11:00AM
UK Regulatory
TIDMEDR
RNS Number : 5551H
Egdon Resources PLC
16 March 2015
16 March 2015
EGDON RESOURCES PLC
("Egdon" or "the Company")
Planning Permission granted for Biscathorpe-2 Exploration
Well
Egdon Resources plc (AIM:EDR) is pleased to advise that at
today's Planning and Regulation Committee Meeting of Lincolnshire
County Council, planning consent was granted for the drilling and
any subsequent testing of the Biscathorpe-2 exploration well in
Lincolnshire licence PEDL253.
The Biscathorpe Prospect is located on farmland to the west of
the hamlet of Biscathorpe, approximately 15 kilometres to the west
of the Keddington oil field and approximately 36 kilometres to the
south-east of the Wressle-1 discovery currently being tested by
Egdon in PEDL180.
The Biscathorpe Prospect is a large anticlinal structure mapped
on reprocessed 3D seismic data. Oil was discovered but not tested
in a thin Basal Westphalian/Namurian Sandstone unit in the
Biscathorpe-1 well drilled by BP in 1987 on the crest of the
structure. The sand unit is predicted to thicken away from the
crest of the structure and there is also potential for
stratigraphic trapping in the west which if present could increase
the expected total prospective reserves from an Egdon assessed Best
Estimate case of 14 mmbls up to a High case of 41 mmbls. The same
sand unit is the producing reservoir in the Egdon operated
Keddington oil field.
We will review the planning conditions and advise in due course
on the final timing of the well.
For clarity, operations at this site will not - either now or in
the future - involve the process of hydraulic 'fracking' for shale
gas.
The interests in the Biscathorpe-2 well are:
Egdon Resources U.K. Limited 54% (Operator)
Montrose Industries Limited 36%
Union Jack Oil plc 10%
Under the terms of a farm-in agreement, Egdon will be carried by
Union Jack plc for 6% of the Biscathorpe-2 well costs making its
paying interest 48%.
Commenting on the planning decision Mark Abbott, Managing
Director of Egdon said;
"We are delighted to receive planning consent for the drilling
of the Biscathorpe-2 exploration well. The well will expose Egdon
to significant resource potential and we will now work through the
various planning conditions to be in a position to drill the
Biscathorpe-2 well later in 2015. During the current challenging
low oil price environment for our industry, the low capital,
development and operating costs of onshore UK operations means that
prospects like Biscathorpe remain commercially attractive.
We recognise the sensitivity of the area in which we will be
operating and will, as always endeavour to ensure our operations
are undertaken in such a way as to minimise our impact on the
environment and without any disruption to our neighbours."
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.
Evaluation of potential prospective resources 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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