REG - Egdon Resources PLC - Response to Ministerial Statement

Egdon ResourcesAnnouncement

23/09/2022 09:00

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RNS Number : 4463A  Egdon Resources PLC  23 September 2022

 

23 September 2022

EGDON RESOURCES PLC

("Egdon" or "the Company")

Response to Written Ministerial Statement on Shale Gas Extraction

The directors of Egdon Resources plc (AIM:EDR), a UK focused energy company,
welcome the Written Ministerial Statement (WMS) from the Rt Hon Jacob
Rees-Mogg MP, Secretary of State for the Department of Business, Energy and
Industrial Strategy in which he confirmed the lifting of the moratorium on
shale gas extraction and the Government's commitment to reviewing shale gas
policy.

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

"The WMS is an important first step by the Government in delivering this
nationally important resource.  We look forward to working positively with
Government to develop the right regulatory environment to realise the
potential of indigenous shale gas, which in contrast to a growing reliance on
imports, could have a positive impact on the UK's energy security whilst
delivering environmental, fiscal and community benefits and thousands of well
paid, skilled jobs."

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.

 

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