Egdon Resources PLC Completion of drilling operations Biscathorpe-2 (6533Q)
21 February 2019 - 2:45AM
UK Regulatory
TIDMEDR
RNS Number : 6533Q
Egdon Resources PLC
20 February 2019
20 February 2019
EGDON RESOURCES PLC
("Egdon" or "the Company")
Completion of drilling operations Biscathorpe-2
Egdon Resources plc (AIM:EDR) announces the completion of
drilling and logging operations at the Biscathorpe-2 exploration
well in Petroleum Exploration and Development Licence PEDL253
located in Lincolnshire, where Egdon holds a 35.80% interest.
The Biscathorpe-2 well has been drilled to a total depth (TD) of
2,133 metres within the Dinantian Limestone. Logging operations
were delayed as the wireline tools were unable to get to TD due to
hole conditions and a pipe-conveyed solution had to be mobilised
and deployed.
Preliminary analysis indicates that the primary objective, the
Basal Westphalian Sandstone which was encountered high to
prognosis, was poorly developed at the Biscathorpe-2 location and
was not thickened with respect to Biscathorpe-1 as expected in the
pre-drill model. The Biscathorpe "play" has thus not been properly
tested by the well with the results of the well indicating that the
Basal Westphalian Sandstone has potential to be more thickly
developed to the north and north-east of Biscathorpe-2 location
away from what appears to be a more extensive than expected
palaeo-high.
The well recorded elevated gas readings and oil shows supported
by calculated oil saturations in the Dinantian Carbonate over an
interval of 99 m indicating proximity to an effective petroleum
system. The formation has very low porosity and would not make an
effective reservoir. A number of porous sandstone reservoir
intervals were encountered in the shallower Westphalian sequence
but all were interpreted as water wet.
The forward plan is to seal the open-hole section with cement
and to suspend the well in order retain the option for a potential
future side-track. This will be considered once the new well data
is integrated into an updated subsurface model. Any further
drilling operation would require additional consents including
planning permission.
Mark Abbott, Managing Director of Egdon Resources plc, said:
"Although the Biscathorpe-2 well did not encounter the thickened
Basal Westphalian Sandstone as predicted, we are encouraged by the
presence of shows in the underlying Dinantian Limestone which
demonstrates a functioning petroleum system and we will now take
some time to incorporate the results of the well into our prospect
model before deciding on the future strategy for further evaluating
the Biscathorpe Prospect.
Elsewhere within our portfolio we are encouraged by the rapid
progress being made in the drilling of Springs Road-1 where the
operator, IGas, has recently advised that they were commencing
coring operations in the Bowland Shale.
During the coming week we also expect to provide shareholders
with a wider operational update ahead of our Interim Results for
the six months ended 31 January 2019, which are to be released in
April."
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 and Broker - Cantor Fitzgerald Europe
David Porter/Nick Tulloch (Corporate Finance) 020 7894 7000
Caspar Shand Kydd (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 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.
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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