REG - Egdon Resources PLC - Response to Lifting of Shale Gas Moratorium

Egdon ResourcesAnnouncement

08/09/2022 12:45

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220908:nRSH8063Ya&default-theme=true

RNS Number : 8063Y  Egdon Resources PLC  08 September 2022

 

8 September 2022

EGDON RESOURCES PLC

("Egdon" or "the Company")

Response to Government Lifting the Shale Gas Moratorium

The directors of Egdon Resources plc (AIM:EDR), a UK focused energy company,
welcome today's announcement by the Prime Minister, Liz Truss, of the lifting
of the moratorium on hydraulic fracturing for shale gas which was introduced
in November 2019.

Commenting on today's announcement, Mark Abbott, Managing Director of Egdon
Resources plc, said:

"The lifting of the moratorium is a logical and pragmatic response to the new
geopolitical reality and the new Government should be congratulated on the
speed and foresight of its action.  In contrast to a growing reliance on
imports, the development of indigenous shale gas could have a positive impact
on energy security, gas prices and the UK's balance of payments, whilst
delivering tax revenues, business rates, community benefits and thousands of
well paid, skilled jobs. Importantly shale-gas can also play its part in
delivering the goals of Net Zero and the Energy Security Strategy.

With Egdon's material shale-gas position, we now look forward to working
positively with Government and local communities to deliver this nationally
important resource in a timely fashion."

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  RSPSSMFFAEESEDU