REG - Egdon Resources PLC - Wressle Update

Egdon ResourcesAnnouncement

31/08/2023 07:00

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RNS Number : 8618K  Egdon Resources PLC  31 August 2023

31 August 2023

EGDON RESOURCES PLC

("Egdon" or "the Company")

Wressle Update

Egdon Resources plc (AIM:EDR), the UK Energy Company, announces that
operations to install artificial lift on the Wressle-1 well  (in which Egdon
has a 30% interest) have commenced.

The operations began with a slickline programme where downhole pressure and
temperature gradients were acquired. Slickline operations have now been
completed and the ongoing work programme includes recompleting the well for
installation of a downhole jet pump and installing the associated surface
equipment. It is expected that these operations will last around three weeks
and that production from the Wressle-1 well is expected to be reinstated in
late September.

The downhole data obtained from these activities is being incorporated into
the ongoing work by ERC Equipoise Ltd and the impact of the artificial lift
will be included in the independent Competent Person's Report which will be
announced once this additional work is completed.

Commenting Mark Abbott, Managing Director of Egdon, said:

"The installation of a jet pump system has been programmed for some time and
was selected following earlier evaluation of all artificial lift options along
with our joint venture partners.  Its installation will ensure production
from the Wressle-1 well continues to be optimised following the expected onset
of water production. I am pleased to confirm that operations to install the
system have begun and I will update shareholders in due course."

For further information please contact:

Egdon Resources plc

Mark Abbott, Martin
Durham
01256 702 292

 

Buchanan

Ben Romney, Barry
Archer
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

 

 

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.

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.

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 33 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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