Egdon Resources PLC Wressle Update (5302J)
24 Agosto 2021 - 1:00AM
UK Regulatory
TIDMEDR
RNS Number : 5302J
Egdon Resources PLC
24 August 2021
24 August 2021
EGDON RESOURCES PLC
("Egdon" or "the Company")
Wressle Update:
Well achieves production target of 500 bopd
Egdon Resources plc (AIM: EDR, "Egdon"), an established
exploration and production company focused on the
hydrocarbon-producing basins of the onshore UK, is pleased to
provide an update on operations at its Wressle Oil Field
Development ("Wressle") located in North Lincolnshire, covered by
Licences PEDL180 and PEDL182 and where the Company holds a 30%
operated interest.
Egdon is pleased to advise that the coiled tubing operation has
been completed safely and successfully and the Ashover Grit
reservoir has been returned to flow, under extended well testing
operations. The well flow is continuing to clean-up and has not yet
reached its full potential. The measured flow rates have exceeded
500 barrels of oil per day under a restricted choke setting, which
was the forecast rate following the proppant squeeze operation.
We will provide a further update once stabilised flow rates are
established in the coming weeks.
Mark Abbott, Managing Director of Egdon, commented:
"I am delighted to advise that the proppant squeeze operation
has been successful in enabling the Wressle well to deliver the
target production rate of 500 barrels of oil per day. Oil
production will be optimised whilst the Ashover Grit reservoir
continues to clean-up. With this additional 150 barrels of oil per
day net to Egdon and the current strong oil price, Wressle will
have a transformational impact on Egdon's near-term cash flow.
Considerable upside remains in the additional reservoirs at
Wressle and in adjacent prospects and we expect Wressle to be an
important asset for Egdon for a number of years to come.
I would like to take this opportunity to thank all of Egdon's
contractors who have contributed so effectively to delivering this
milestone event for the Wressle joint venture."
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 & Financial Advisors - 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 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.
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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