Egdon Resources PLC Wressle Update (5223D)
29 Junio 2021 - 9:00AM
UK Regulatory
TIDMEDR
RNS Number : 5223D
Egdon Resources PLC
29 June 2021
29 June 2021
EGDON RESOURCES PLC
("Egdon" or "the Company")
Wressle Update
Egdon Resources plc (AIM: EDR, "Egdon"), an established UK-based
exploration and production company focused on onshore exploration
and production in the hydrocarbon-producing basins of the UK,
wishes to provide an update on the planned proppant squeeze
operation at its Wressle Oil Field Development ("Wressle") located
in North Lincolnshire, covered by Licences PEDL180 and PEDL182
where the Company holds a 30% operated interest.
Egdon has been advised by its contractor, Schlumberger Oilfield
UK Plc, that the proppant squeeze operations at Wressle have been
pushed back by two to four weeks. The revised date is due to the
contractor's equipment being held on a job over-run in continental
Europe. This is compounded by tighter import legislation and visa
requirements which are beyond Egdon, and the contractor's control.
The contractor has provided assurance to Egdon that its amended
timeline will be adhered to.
Mark Abbott, Managing Director of Egdon, commented:
"Whilst delays are a function of current business dislocations,
we do not regard this as a material event in terms of ongoing
progress at Wressle. We are confident that operations will soon be
underway, and I look forward to updating the market in due
course".
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 & Joint Broker - WH Ireland Limited
Chris Hardie, Lydia Zychowska 020 7220 1666
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 41 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.
Wressle
The Wressle-1 well was drilled in 2014 and tested in 2015. The
Wressle-1 well has flowed oil and gas from three separate
reservoirs, the Ashover Grit, the Wingfield Flags and the Penistone
Flags. This totalled 710 barrels of oil equivalent per day from all
zones. In September 2016 a Competent Person's Report made
independent estimates of Reserves and Contingent and Prospective
oil and gas Resources for the Wressle discovery of 2.15 million
stock tank barrels classified as discovered (2P+2C).
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 2007 Petroleum Resources Management System 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) and the Society of Petroleum Evaluation Engineers
(SPEE).
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.
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END
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