Egdon Resources PLC Biscathorpe Update (5863J)

TIDMEDR

RNS Number : 5863J

Egdon Resources PLC

06 December 2018

6 December 2018

EGDON RESOURCES PLC

("Egdon" or "the Company")

Biscathorpe Update

At today's Egdon Resources plc (AIM:EDR) Annual General Meeting a new company presentation will be given ("AGM Presentation") containing updates and further detail of the Biscathorpe-2 well.

Of note are:

-- Following completion of site construction - expected in early December 2018 - we will mobilise a conductor rig to set surface casing (the conductor).

-- We expect to mobilise the drilling rig immediately in early January 2019 with well completion expected in mid-February 2019.

-- The AGM Presentation includes further details on the Biscathorpe Prospect including the estimated range of Prospective Resources, a cross section and a comparison with the geology of the Reepham field some 20km south west of Biscathorpe, just to the west of our Fiskerton Airfield producing oil field.

-- At the Reepham oilfield, the Basal Westphalian sandstone reservoir thickens dramatically off a 'structural high' over a very short distance and a similar development of the target reservoir is expected at Biscathorpe-2.

-- The chance of success for Biscathorpe-2 remains 40% and the range of Prospective Resources is tabulated below (as estimated by Egdon).

 
       Volumetric Input / Output        P90     P50     P10          Mean 
 ====================================  =====  ======  =======  =============== 
  STOIIP (mmbo)                         7.52   29.50   142.00       56.00 
 ------------------------------------  -----  ------  ------- 
  Prospective Resources (mmbo)          1.84   7.30    35.30        14.00 
 ------------------------------------  -----  ------  ------- 
  Net to Egdon 35.8% interest (mmbo)                                       5.0 
 

The AGM Presentation will be available from 11:30 am today on our website at http://www.egdon-resources.com/

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

"We look forward to spudding the exciting and potentially significant Biscathorpe-2 well early in the new year into one of the largest remaining undrilled onshore UK oil prospects where stratigraphic trapping - if present - could lead to significant upside for oil resources"

For further information please contact:

 
 Egdon Resources plc 
  Mark Abbott                               01256 702 292 
 
 Buchanan 
  Ben Romney, Chris Judd                    020 7466 5000 
 
 Nominated Adviser and Broker - Cantor 
  Fitzgerald Europe 
  David Porter/Nick Tulloch (Corporate 
  Finance) 
  Caspar Shand Kydd (Sales)                 020 7894 7000 
 
 Joint Broker - VSA Capital Limited 
  Andrew Monk (Corporate Broking) 
  Andrew Raca (Corporate Finance)           020 3005 5000 
 
 

Notes to Editors:

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

Egdon holds interests in 44 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.

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).

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

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

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December 06, 2018 06:30 ET (11:30 GMT)