Egdon Resources PLC Wressle Update -- Oil Storage Consent (7833Z)
May 26 2021 - 2:00AM
UK Regulatory
TIDMEDR
RNS Number : 7833Z
Egdon Resources PLC
26 May 2021
26 May 2021
EGDON RESOURCES PLC
("Egdon" or "the Company")
Wressle Update - Oil Storage Consent
Egdon Resources plc (AIM: EDR, "Egdon") is pleased to advise
that it has received consent from North Lincolnshire Council for
the storage of crude oil under the Planning (Hazardous Substances)
Regulations 1992 at its Wressle Oil Field Development ("Wressle")
located in North Lincolnshire, covered by Licences PEDL180 and
PEDL182 where the Company holds a 30% operated interest.
This consent allows full use of the installed oil storage
capacity at the site of approximately 2000 barrels and will enable
the full production to be realised following from the proppant
squeeze, which is expected to increase overall production to 500
barrels of oil per day (150 barrels net to Egdon).
Commenting on the news Mark Abbott, Managing Director of Egdon
Resources said;
"We are pleased to have received this final consent, which will
allow the full production potential of Wressle to be realised
following the proppant squeeze operation which is planned
to be undertaken during June 2021."
For further information please contact:
Egdon Resources plc
Mark Abbott, Martin Durham 01256 702 292
Buchanan
Ben Romney, Chris Judd 020 7466 5000
Nominated Adviser & Joint Broker - WH Ireland Limited
Chris Hardie, Lydia Zychowska 020 7220 1666
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 focused on onshore exploration
and production in the hydrocarbon-producing basins of the UK.
Egdon holds interests in 41 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.
Wressle
The Wressle-1 well was drilled in 2014 and tested in 2015. The
Wressle-1 well has flowed oil and gas from three separate
reservoirs, the Ashover Grit, the Wingfield Flags and the Penistone
Flags. This totalled 710 barrels of oil equivalent per day from all
zones. In September 2016 a Competent Person's Report made
independent estimates of Reserves and Contingent and Prospective
oil and gas Resources for the Wressle discovery of 2.15 million
stock tank barrels classified as discovered (2P+2C).
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.
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