Egdon Resources PLC Response to Lifting of Shale Gas Moratorium (8063Y)
08 Septiembre 2022 - 06:39AM
UK Regulatory
TIDMEDR
RNS Number : 8063Y
Egdon Resources PLC
08 September 2022
8 September 2022
EGDON RESOURCES PLC
("Egdon" or "the Company")
Response to Government Lifting the Shale Gas Moratorium
The directors of Egdon Resources plc (AIM:EDR), a UK focused
energy company, welcome today's announcement by the Prime Minister,
Liz Truss, of the lifting of the moratorium on hydraulic fracturing
for shale gas which was introduced in November 2019.
Commenting on today's announcement, Mark Abbott, Managing
Director of Egdon Resources plc, said:
"The lifting of the moratorium is a logical and pragmatic
response to the new geopolitical reality and the new Government
should be congratulated on the speed and foresight of its action.
In contrast to a growing reliance on imports, the development of
indigenous shale gas could have a positive impact on energy
security, gas prices and the UK's balance of payments, whilst
delivering tax revenues, business rates, community benefits and
thousands of well paid, skilled jobs. Importantly shale-gas can
also play its part in delivering the goals of Net Zero and the
Energy Security Strategy.
With Egdon's material shale-gas position, we now look forward to
working positively with Government and local communities to deliver
this nationally important resource in a timely fashion."
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, Andrew Raca 020 3005 5000
Egdon's Shale Gas Assets
Egdon's holds a material shale-gas acreage position in Northern
England covering a net area of 664 square kilometres (km(2) )
(164,280 net acres) with estimated Mean volumes of undiscovered gas
in place of 37.6 trillion cubic feet of gas (independently assessed
by ERCE in 2016). Egdon's core area, is the Gainsborough Trough of
Nottinghamshire, Lincolnshire and Yorkshire, where the Company
holds interests in 288 km(2) (71,361 net acres). The results from
the 2019 Springs Road-1 well (Egdon 14.5%) compare favourably with
some of the best US commercial shale operations and highlight a
potentially world class resource in the prospective Gainsborough
Shale. Egdon also retains interests in the Widmerpool Basin and
Humber Basin of the East Midlands, the Cleveland Basin of NE
England and the Blacon Basin of NW England.
About Egdon
Egdon Resources plc (LSE: EDR) is an established UK-based energy
company focused on onshore exploration and production in the
UK.
Egdon holds interests in 36 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.
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