Egdon Resources PLC Wressle -- Downhole Pressure Data Analysis (8743Y)
19 Enero 2022 - 1:00AM
UK Regulatory
TIDMEDR
RNS Number : 8743Y
Egdon Resources PLC
19 January 2022
19 January 2022
EGDON RESOURCES PLC
("Egdon" or "the Company")
Wressle - Results of Downhole Pressure Data Analysis
Egdon Resources plc (AIM:EDR) a UK-based exploration and
production company primarily focused on the hydrocarbon-producing
basins of onshore UK, is pleased to provide a summary of the
results of the analysis of the downhole hole pressure data acquired
in the Wressle-1 well during December 2021. The interpretation was
carried out by ERCE, an independent energy consultancy, on behalf
of the Wressle joint venture partners.
Egdon holds a 30% interest and is operator of the field.
Highlights
-- The results demonstrate the significant potential of the
Wressle-1 well and the production rates that could be achieved once
the surface facilities are optimised and a gas utilisation scheme
is in place
-- Based on the current reservoir pressure and a flowing tubing
head pressure of 400 pounds per square inch gauge ("psig"), ERCE
estimates that a rate of 1,216 barrels of oil per day ("bopd")
would be achievable, whilst maintaining a flowing bottom hole
pressure above the oil saturation pressure ("bubble point")
-- At 300 psig flowing tubing head pressure, ERCE estimates the
well could flow at a rate of 1,543 bopd whilst at the oil bubble
point
-- ERCE estimates a reservoir permeability of 80 millidarcies,
and the analysis also confirmed the effectiveness of the proppant
squeeze in reducing the skin factor from 107 to 0.2. (The skin
factor is an estimate of the impairment to flow within the
reservoir caused during drilling, completion or the original
testing operations.)
Mark Abbott, Managing Director of Egdon, commented:
"The conclusions of this work clearly demonstrate the
significant potential of the Wressle-1 well and the possible
production rates that can be achieved from the Ashover Grit
reservoir interval.
We continue to work to realise the full commercial potential of
the Wressle field. This will be achieved through optimising the
production facilities, progressing options for gas monetisation and
advancing the development plan for production from the Wingfield
Flags and Penistone Flags reservoirs. In the meantime, the asset
continues to generate material cash flow that has transformed the
Company's financial outlook.
I look forward to making further announcements in respect of
progress in due course."
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.
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.
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 39 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.
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