Egdon Resources PLC Commencement of Drilling Keddington-5 Well (0925M)
18 January 2016 - 6:00PM
UK Regulatory
TIDMEDR
RNS Number : 0925M
Egdon Resources PLC
18 January 2016
18(th) January 2016
EGDON RESOURCES PLC
("Egdon" or "the Company")
Commencement of Drilling Operations - Keddington-5 Development
Well
Egdon Resources plc (AIM:EDR) is pleased to announce the
commencement of drilling operations on the Keddington-5
conventional sidetrack development well in UK Onshore Licence
PED005R located in Lincolnshire.
Keddington-5 is a sidetrack of the Keddington-4 production well
and is designed to target an area of the field where the sandstone
reservoir has not been produced. The intent is to increase
production and profitability from the field. Operations are
expected to complete in early February.
Based upon an integrated geological and geophysical evaluation,
Stock Tank Oil Initially in Place estimates indicate that the well
will target an undrained volume that ranges between 309,000 and
566,000 barrels of oil.
The Keddington Oil Field was discovered in 1998 by Candecca and
brought onstream the same year. Egdon acquired the then shut-in
field from Roc Oil GB Limited in March 2007 and production was
restarted in June 2007. Egdon has previously drilled two horizontal
sidetrack wells, which produce oil from two Carboniferous age
sandstones at a depth of around 2,200 metres. Egdon farmed-down its
interest in the Keddington Oil Field in August 2015 to Terrain
Energy Limited and Union Jack Oil plc, reducing its working
interest from 75% to 45% and reducing its paying interest on the
Keddington-5 well to 15%.
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 start of drilling operations at Keddington-5,
Mark Abbott, Managing Director of Egdon, said:
"We are pleased to report the commencement of drilling
operations at Keddington-5 and look forward to the potential for
increased production and profitability from this mature field."
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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