Egdon Resources PLC Biscathorpe Update (5863J)
December 06 2018 - 6:30AM
UK Regulatory
TIDMEDR
RNS Number : 5863J
Egdon Resources PLC
06 December 2018
6 December 2018
EGDON RESOURCES PLC
("Egdon" or "the Company")
Biscathorpe Update
At today's Egdon Resources plc (AIM:EDR) Annual General Meeting
a new company presentation will be given ("AGM Presentation")
containing updates and further detail of the Biscathorpe-2
well.
Of note are:
-- Following completion of site construction - expected in early
December 2018 - we will mobilise a conductor rig to set surface
casing (the conductor).
-- We expect to mobilise the drilling rig immediately in early
January 2019 with well completion expected in mid-February
2019.
-- The AGM Presentation includes further details on the
Biscathorpe Prospect including the estimated range of Prospective
Resources, a cross section and a comparison with the geology of the
Reepham field some 20km south west of Biscathorpe, just to the west
of our Fiskerton Airfield producing oil field.
-- At the Reepham oilfield, the Basal Westphalian sandstone
reservoir thickens dramatically off a 'structural high' over a very
short distance and a similar development of the target reservoir is
expected at Biscathorpe-2.
-- The chance of success for Biscathorpe-2 remains 40% and the
range of Prospective Resources is tabulated below (as estimated by
Egdon).
Volumetric Input / Output P90 P50 P10 Mean
==================================== ===== ====== ======= ===============
STOIIP (mmbo) 7.52 29.50 142.00 56.00
------------------------------------ ----- ------ -------
Prospective Resources (mmbo) 1.84 7.30 35.30 14.00
------------------------------------ ----- ------ -------
Net to Egdon 35.8% interest (mmbo) 5.0
The AGM Presentation will be available from 11:30 am today on
our website at http://www.egdon-resources.com/
Mark Abbott, Managing Director of Egdon Resources plc, said:
"We look forward to spudding the exciting and potentially
significant Biscathorpe-2 well early in the new year into one of
the largest remaining undrilled onshore UK oil prospects where
stratigraphic trapping - if present - could lead to significant
upside for oil resources"
For further information please contact:
Egdon Resources plc
Mark Abbott 01256 702 292
Buchanan
Ben Romney, Chris Judd 020 7466 5000
Nominated Adviser and Broker - Cantor
Fitzgerald Europe
David Porter/Nick Tulloch (Corporate
Finance)
Caspar Shand Kydd (Sales) 020 7894 7000
Joint Broker - VSA Capital Limited
Andrew Monk (Corporate Broking)
Andrew Raca (Corporate Finance) 020 3005 5000
Notes to Editors:
Egdon Resources plc (LSE: EDR) is an established UK-based
exploration and production company focused on onshore exploration
and production in the hydrocarbon-producing basins of the UK.
Egdon holds interests in 44 licences in the UK and has an active
programme of exploration, appraisal and development within its
portfolio of oil and gas assets. Egdon is an approved operator in
the UK.
Egdon was formed in 1997 and listed on AIM in December 2004.
Qualified Person Review
In accordance with the AIM Rules - Note for Mining and Oil and
Gas Companies, this release has been reviewed by Mark Abbott,
Managing Director of Egdon, who is a geoscientist with over 30
years' experience and is a member of the Petroleum Exploration
Society of Great Britain and a Fellow of the Geological Society. Mr
Abbott has consented to the inclusion of the technical information
in this release in the form and context in which it appears.
Evaluation of hydrocarbon volumes 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).
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the
publication of this announcement via Regulatory Information Service
("RIS"), this inside information is now considered to be in the
public domain
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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