Egdon Resources PLC Holmwood update (0011U)

TIDMEDR

RNS Number : 0011U

Egdon Resources PLC

19 October 2017

19 October 2017

EGDON RESOURCES PLC

("Egdon" or "the Company")

Fulfilment of Planning Conditions for Holmwood well in the Weald Basin

Egdon Resources plc (AIM:EDR) notes the release made this morning by Europa Oil and Gas Holdings) plc ("Europa") in respect of PEDL143 where Egdon holds an 18.4% interest. Europa included the following statements;

"Europa Oil & Gas (Holdings) plc, UK and Ireland focussed exploration, development and production company notes the outcome of the Surrey County Council Planning and Regulatory Committee meeting on 18 October 2017 in connection with a conventional oil exploration well to test the Holmwood prospect at Bury Hill Wood, Coldharbour Lane, Surrey:

-- A planning application for a security fence for the drill site was approved by Surrey County Council ('SCC') at the Planning and Regulatory Committee meeting on 18 October 2017.

-- The Planning Committee elected to defer a decision on Condition 19 (Traffic Management Scheme) pending response to further requests for information from the Planning Committee.

Europa will consult with its joint venture partners and advisers and respond to SCC on Condition 19 accordingly.

As a consequence of the deferred decision on Condition 19, the Company advises that it anticipates operations to drill the Holmwood conventional oil exploration well will now commence in H1 2018.

Europa is operator of the Licence in which it holds a 20% interest, alongside UK Oil & Gas Investments plc 30%, Egdon Resources plc 18.4%, Angus Energy plc 12.5%, Warwick Energy 10%, Union Jack Oil plc 7.5% and Altwood Petroleum 1.6%."

ENDS

For further information please contact:

Egdon Resources plc

Mark Abbott 01256 702 292

Buchanan

   Richard Darby, Anna Michniewicz                                               020 7466 5000 

Nominated Adviser and Broker - Cantor Fitzgerald Europe

   David Porter (Corporate Finance)                                                 020 7894 7000 

Mark Westcott (Sales)

Joint Broker - VSA Capital Limited

   Andrew Monk (Corporate Broking)                                               020 3005 5000 

Andrew Raca (Corporate Finance)

Notes to Editors:

Egdon Resources plc (LSE: EDR) is an established UK-based exploration and production company now fully focused on onshore exploration and production in the hydrocarbon-producing basins of the UK.

Egdon holds interests in 43 licences in the UK and has an active programme of exploration, appraisal and development within its balanced portfolio of oil and gas assets. Egdon is an approved operator.

Egdon was formed in 1997 and listed on AIM in December 2004.

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.

In accordance with the AIM Rules - Note for Mining and Oil and Gas Companies, the information contained in this announcement has been reviewed and signed off by the Managing Director of Egdon Resources plc Mark Abbott, a Geoscientist with over 26 years' experience.

Evaluation of hydrocarbon volumes has been assessed in accordance with 2007 Petroleum Resources Management System 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) and the Society of Petroleum Evaluation Engineers (SPEE).

This information is provided by RNS

The company news service from the London Stock Exchange

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October 19, 2017 02:00 ET (06:00 GMT)