Egdon Resources PLC North Kelsey and Biscathorpe Planning Update (9965N)
14 May 2018 - 10:00PM
UK Regulatory
TIDMEDR
RNS Number : 9965N
Egdon Resources PLC
14 May 2018
14 May 2018
EGDON RESOURCES PLC
("Egdon" or "the Company")
North Kelsey and Biscathorpe Planning Update
Egdon Resources plc (AIM:EDR) advises that its applications to
extend to December 2020, the existing planning permissions to drill
conventional exploratory oil wells at both the North Kelsey-1 and
Biscathorpe-2 site locations were approved at today's meeting of
the Lincolnshire County Council Planning Committee.
Commenting on the decisions, Mark Abbott, Managing Director of
Egdon Resources plc, said:
"We are pleased with today's decisions to extend the planning
permissions as it enables us to progress our drilling plans at both
the North Kelsey and Biscathorpe conventional oil prospects. For
Biscathorpe-2, following recent farm-outs on this well, we now look
forward to drilling this high potential conventional oil prospect
with operations commencing around mid-2018. We hope to conclude
further farm-out negotiations for North Kelsey-1 shortly enabling
drilling to be targeted around the end of 2018 providing a further
material near-term catalyst for Egdon"
For further information please contact:
Egdon Resources plc
Mark Abbott 01256 702 292
Buchanan
Ben Romney, Anna Michniewicz 020 7466 5000
Nominated Adviser and Broker - Cantor Fitzgerald Europe
David Porter (Corporate Finance) 020 7894 7000
Caspar Shand Kydd / Alex Pollen (Sales)
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 43 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.
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.
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.
North Kelsey
In December 2014 Egdon Resources U.K. Ltd, as operator of the
licence area PEDL241, received temporary planning permission from
Lincolnshire County Council to drill an exploratory conventional
oil well on farmland off Smithfield Road, North Kelsey, Brigg,
Lincolnshire. Egdon will shortly submit an application to the
Environment Agency for permits to enable the drilling and possible
subsequent testing at the North Kelsey site. Egdon plans to drill
North Kelsey-1 around the turn of the year subject to obtaining all
necessary consents and completing further farm-out discussions.
The PEDL241 Licence Interests are:
Egdon Resources U.K. Limited 80% (Operator)
Union Jack Oil plc 20%
Under the terms of a farm-in agreement with Union Jack Oil plc,
Egdon will be carried by Union Jack for 10% of the North Kelsey-1
well costs reducing Egdon's paying costs to 70%.
The North Kelsey Prospect is defined on 3 Dimensional seismic
data and has potential for up to four stacked conventional
reservoir intervals in the Chatsworth, Beacon Hill, Ravensthorpe
and Santon sandstones.
For clarity the operations at the site will not involve the
process of hydraulic "fracking" for shale gas or shale oil either
now or in the future. This part of Lincolnshire does not have the
specific rock-formation types that contain shale gas as confirmed
by the British Geological Survey in 2013.
Biscathorpe
In March 2015 Egdon Resources U.K. Ltd, as operator of the
licence area PEDL253, received planning permission from
Lincolnshire County Council to drill a conventional exploratory oil
well on farmland to the west of the hamlet of Biscathorpe,
approximately nine kilometres to the west of Louth in Lincolnshire.
An Environmental Permit has been issued for the proposed drilling
and testing operations at the site.
Recent farm in deals remain subject to approval from the Oil and
Gas Authority. On completion, the interests in PEDL253 will
become:
Egdon Resources U.K. Limited (Operator) 35.80%
Montrose Industries Limited. 22.20%
Union Jack Oil Plc 22.00%
Humber Oil and Gas Limited 20.00%
The proposals will involve conventional drilling for oil trapped
in a sandstone reservoir and for clarity the operations at the site
will not either now or in the future involve the process of
hydraulic "fracking" for shale-gas or shale-oil. This area of
Lincolnshire does not have the specific rock-formation types that
contain shale-gas or shale-oil.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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