REG - Egdon Resources PLC - Government Reintroduction of Moratorium

Egdon ResourcesAnnouncement

28/10/2022 12:30

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20221028:nRSb5206Ea&default-theme=true

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 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.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  STREAFEPAAEAFFA