REG - Egdon Resources PLC - Approval of Wressle Field Development Plan

Egdon ResourcesAnnouncement

30/05/2022 07:15

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RNS Number : 1323N  Egdon Resources PLC  30 May 2022

 

30 May 2022

EGDON RESOURCES PLC

("Egdon" or "the Company")

Approval of Wressle Field Development Plan

Egdon Resources plc (AIM:EDR), a UK focused energy company, is pleased to
advise that the North Sea Transition Authority ("NSTA") has approved the Field
Development Plan for the Wressle oil field in North Lincolnshire, held under
licences PEDL180 and PEDL182 (the "Licences") where Egdon is operator with a
30% interest.

The NSTA has also approved the Licences entering their production phase, which
will continue through to 2039.

Commenting on these positive developments, Mark Abbott, Managing Director of
Egdon Resources plc, said:

"This is a key milestone for the Wressle project as it transitions from an
extended well test to production under an approved field development plan.
Wressle continues to generate high levels of production and revenues.  The
Wressle-1 well is currently amongst the most productive in the onshore UK and
to date has produced over 170,000  barrels of oil.

 

I am proud of the Egdon team and our contractors for their efforts and
determination in achieving this key milestone. My thanks also go to our joint
venture partners Union Jack Oil and Europa Oil and Gas, for their support and
advice during this process.

 

Our focus now turns to completing the installation of the few remaining
permanent production facilities and progressing the planning, permitting and
implementation of the gas monetisation plan. This will enable a reduction in
gas incineration and remove the limitations on oil production. In parallel we
are advancing the development plan and consenting process to enable production
from the Penistone Flags reservoir where gross Mid-case Contingent Resources
of 1.53 million barrels of oil and 2 billion cubic feet of gas have been
independently reported."

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

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 37 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 of Article 7 of
the UK version of Regulation (EU) No 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon
the publication of this announcement via a Regulatory Information Service,
this inside information is now considered to be in the public domain.

 

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