REG - Egdon Resources PLC - Wressle Update - Community Liaison Group Meeting

Egdon ResourcesAnnouncement

16/03/2023 07:00

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RNS Number : 1228T  Egdon Resources PLC  16 March 2023

16 March 2023

EGDON RESOURCES PLC

("Egdon" or "the Company")

Wressle Update - Community Liaison Group Meeting

Egdon Resources plc (AIM:EDR) the UK Energy Company is pleased to provide an
update on operations at the Wressle oil field following the Community Liaison
Group ("CLG") meeting held during the evening of 15 March 2023.

At the meeting the following information was shared with members of the CLG:
 

Operations

·   The Wressle-1 well has continued to flow oil and associated gas at
production rates above forecast expectations made ahead of the successful
Proppant Squeeze operation, conducted in August 2021

·      Total production from Wressle has now exceeded 390,000 barrels of
oil

·      No water has been produced to date

·      Three microturbines were connected during January and February
and are now fully operational

·      An extended period of fine tuning and testing of the
microturbines to determine the impact on production is currently ongoing

·     The Environment Agency continues to monitor Egdon's production
operation through regular visits to the Wressle site, the most recent being on
22 February 2023, with no issues identified by the Regulator

·    There have been no accidents or spillages since the start of
production on the Wressle site in January 2021

·      Groundwater and surface water monitoring has continued and latest
results up to end December 2022 have been published on Egdon's newly revamped
community website www.egdon-community.com/active-sites
(http://www.egdon-community.com/active-sites)

Forward Plan

·      During the second half of 2022 Egdon reprocessed the 3D seismic
data over the field

·     The new data has been interpreted and mapped with the objective of
identifying reservoir targets for drilling an additional well or wells at the
earliest opportunity, subject to receipt of regulatory approval

·      The next new well or wells will likely be drilled from the
existing Wressle wellsite

·      A new Competent Person's Report has been commissioned
incorporating the new field interpretation and production performance data.
This will consider all oil and gas bearing formations at Wressle.

 

Community Fund

·      The Wressle Community Fund has been operating since early 2022

·     In August 2022, the operation of the fund was transferred to
Broughton Community and Sports Association (BCSA) which runs the fund to meet
the needs of local charities and community groups

·      Groups which are outside the remit of the BCSA can still apply
directly to Egdon for funding from a smaller pot which is retained to meet
these needs

·      The Wressle partners are making £100,000 a year available to
local groups though these two funding pots

·      The first of three windows per year for the Wressle Community
Grant closed on 31 December 2022 with 12 applications received amounting to
£42,029.60

·    The Wressle partners provided additional funding of c. £5,500 to
allow all eligible applications to be granted.

 

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

Antonio Bossi, Chris Hardie, James Bavister
                      020 7220 1666

 

Joint Broker & Financial Advisors - VSA Capital Limited

Andrew Monk, Andrew
Raca
020 3005 5000

 

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), as amended, and
is disclosed in accordance with the Company's obligations under Article 17 of
MAR

 

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 35 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.

.

 

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