Egdon Resources PLC Government Reintroduction of Moratorium (5206E)
28 Octubre 2022 - 6:24AM
UK Regulatory
TIDMEDR
RNS Number : 5206E
Egdon Resources PLC
28 October 2022
28 October 2022
EGDON RESOURCES PLC
("Egdon" or "the Company")
Government Reintroduction of the Moratorium on Shale Gas
Extraction
The directors of Egdon Resources plc (AIM:EDR), a UK focused
energy company, note yesterday's Written Ministerial Statement
(WMS) from the Rt Hon Grant Schapps MP, Secretary of State for the
Department of Business, Energy and Industrial Strategy, in which he
reintroduced the moratorium on hydraulic fracturing for
shale-gas.
Commenting, Mark Abbott, Managing Director of Egdon Resources
plc, said:
"This is a highly disappointing and illogical move by the
Government, just a few weeks after lifting the moratorium and at a
time of an ongoing energy supply and cost crisis. The decision
prevents the immediate development of a safe and secure indigenous
source of gas and if maintained, locks the UK into long term
reliance on more carbon intensive LNG imported from Qatar, the
shale-gas fields of the USA and elsewhere.
We will continue to make the scientific and commercial case that
shale-gas should be part of the long-term solution to the UK's
energy needs and that this can be done in a safe and
environmentally sustainable manner whilst delivering material
economic and geopolitical benefits for the UK.
Our shareholders can take some comfort from the fact that
throughout this chaotic period of government, Egdon's core
conventional oil and gas business has continued to generate strong
revenues and cash flow and that the fundamentals of the business
remain strong."
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.
This announcement contains inside information for the purposes
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