REG - Egdon Resources PLC - Withdrawal of Shell from P1929 and P2304

Egdon ResourcesAnnouncement

26/04/2022 07:16

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RNS Number : 2806J  Egdon Resources PLC  26 April 2022

 

 

26 April 2022

EGDON RESOURCES PLC

("Egdon" or "the Company")

Withdrawal of Shell from P1929 and P2304

Egdon Resources plc (AIM:EDR) advises that Shell U.K. Limited has informed
Egdon and the North Sea Transition Authority ("NSTA") of its intention to
withdraw from licences P1929 and P2304 containing the Resolution and
Endeavour gas discoveries.

 

Egdon will now consider its options, including its ongoing commitment to the
licences and will discuss this with the NSTA.  We will update shareholders
once our preferred option and the NSTA position is known.

 

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)

 

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.

Evaluation of hydrocarbon volumes has been assessed in accordance with the
2018 Petroleum Resources Management System (PRMS) prepared by the Oil and Gas
Reserves Committee of the Society of Petroleum Engineers (SPE) and reviewed
and jointly sponsored by the World Petroleum Council (WPC), the American
Association of Petroleum Geologists (AAPG), the Society of Petroleum
Evaluation Engineers (SPEE), the Society of Exploration Geophysicists (SEG),
the Society of Petrophysicists and Well Log Analysts (SPWLA) and the European
Association of Geoscientists & Engineers (EAGE).

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.

 

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 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.

Resolution and Endeavour Gas Discoveries

A Competent Person's Report prepared by Schlumberger Oilfield UK PLC (April
2019) reported Mean Contingent Gas Resources of 231 billion cubic feet of gas
("bcf"), with a P90 to P10 range of 100 to 389 bcf, attributable to the
Resolution gas discovery (P1929). The Resolution discovery was made by Total
in 1966 when well 41/18-2 flow tested gas from the Permian aged Zechstein
carbonate (limestone) reservoir.  Additionally, Egdon estimates that the
Endeavour gas discovery (P2304) contains Mean Contingent Resources of 18 bcf,
with a P90 to P10 range of 10 to 28 bcf.

 

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