Egdon Resources PLC Withdrawal of Shell from P1929 and P2304 (2806J)
26 Abril 2022 - 1:01AM
UK Regulatory
TIDMEDR
RNS Number : 2806J
Egdon Resources PLC
26 April 2022
26 April 2022
EGDON RESOURCES PLC
("Egdon" or "the Company")
Withdrawal of Shell from P1929 and P2304
Egdon Resources plc (AIM:EDR) advises that Shell U.K. Limited
has informed Egdon and the North Sea Transition Authority ("NSTA")
of its intention to withdraw from licences P1929 and P2304
containing the Resolution and Endeavour gas discoveries.
Egdon will now consider its options, including its ongoing
commitment to the licences and will discuss this with the NSTA. We
will update shareholders once our preferred option and the NSTA
position is known.
For further information please contact:
Egdon Resources plc
Mark Abbott, Martin Durham 01256 702 292
Buchanan
Ben Romney, Jon Krinks 020 7466 5000
Nominated Adviser & Joint Broker - WH Ireland Limited
Chris Hardie, Megan Liddell 020 7220 1666
Joint Broker & Financial Advisors - VSA Capital Limited
Andrew Monk (Corporate Broking) 020 3005 5000
Andrew Raca (Corporate Finance)
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 the 2018 Petroleum Resources Management System
(PRMS) 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), the Society of
Petroleum Evaluation Engineers (SPEE), the Society of Exploration
Geophysicists (SEG), the Society of Petrophysicists and Well Log
Analysts (SPWLA) and the European Association of Geoscientists
& Engineers (EAGE).
This announcement contains inside information for the purposes
of Article 7 of the UK version of Regulation (EU) No 596/2014 which
is part of UK law by virtue of the European Union (Withdrawal) Act
2018, as amended ("MAR"). Upon the publication of this announcement
via a Regulatory Information Service, this inside information is
now considered to be in the public domain.
Notes to Editors:
Egdon Resources plc (LSE: EDR) is an established exploration and
production company focused on the hydrocarbon-producing basins of
the onshore UK.
Egdon holds interests in 37 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.
Resolution and Endeavour Gas Discoveries
A Competent Person's Report prepared by Schlumberger Oilfield UK
PLC (April 2019) reported Mean Contingent Gas Resources of 231
billion cubic feet of gas ("bcf"), with a P90 to P10 range of 100
to 389 bcf, attributable to the Resolution gas discovery (P1929).
The Resolution discovery was made by Total in 1966 when well
41/18-2 flow tested gas from the Permian aged Zechstein carbonate
(limestone) reservoir. Additionally, Egdon estimates that the
Endeavour gas discovery (P2304) contains Mean Contingent Resources
of 18 bcf, with a P90 to P10 range of 10 to 28 bcf.
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END
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