REG - Egdon Resources PLC - North Kelsey Planning Update

Egdon ResourcesAnnouncement

14/03/2022 13:00

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RNS Number : 6971E  Egdon Resources PLC  14 March 2022

 

            14 March 2022

EGDON RESOURCES PLC

 ("Egdon" or "the Company")

North Kelsey Planning Update

Egdon Resources plc (AIM:EDR) advises that its application to extend the
existing planning permission to drill the North Kelsey-1 exploration well was
refused at today's meeting of the Lincolnshire County Council Planning
Committee.

Commenting on the decision, Mark Abbott, Managing Director of Egdon Resources
plc, said:

"The decision of the Planning Committee is disappointing given the clear
current need for the UK to secure further indigenous supplies of energy to
reduce its reliance on imports, the compelling case presented and the positive
recommendation of Lincolnshire County Council's Planning Officer. Given this,
we will bring forward an appeal against this decision without delay and will
provide further updates 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)

 

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.

 

North Kelsey

The PEDL241 Licence Interests are:

Egdon Resources U.K. Limited            50% (Operator)

Union Jack Oil
plc                                 50%

The North Kelsey Prospect has been mapped from 3-Dimensional seismic data and
has potential for oil  in up to four stacked conventional Carboniferous
reservoir targets: the Chatsworth Grit, Beacon Hill Flags, Raventhorpe
Sandstone and Santon Sandstone. Egdon has calculated the Prospective Resources
to range from 4.66 million barrels up to 8.47 million barrels, with a Mean
Resource volume of 6.47 million barrels.

For clarity the operations at the site will not involve the process of
hydraulic "fracking" for shale gas or shale oil either now or in the future.
This part of Lincolnshire does not have the specific rock-formation types that
contain shale gas as confirmed by the British Geological Survey in 2013.

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