Egdon Resources PLC Holmwood Update (5030V)

TIDMEDR

RNS Number : 5030V

Egdon Resources PLC

24 July 2018

24 July 2018

EGDON RESOURCES PLC

("Egdon" or "the Company")

Planning Update for Holmwood Exploration Well in the Weald Basin

Egdon Resources plc (AIM:EDR) notes the following announcement made today by Europa Oil and Gas (Holdings) plc the operator of the Holmwood Licence PEDL143:

 
   "Europa Oil & Gas (Holdings) plc, the UK and Ireland 
    focused exploration, development and production 
    company, is pleased to provide a planning update 
    regarding the Holmwood conventional oil exploration 
    prospect in the Weald Basin ('Holmwood') on Licence 
    PEDL 143 at Bury Hill Wood, Coldharbour Lane, Surrey. 
    Europa Oil & Gas Limited is operator of PEDL 143 
    in which it holds a 20% interest. 
    Europa will today submit a planning application 
    to Surrey County Council seeking a Variation of 
    conditions 3 and 19 (i) of Appeal Decision APP/YB3600/A/11/2166561, 
    to extend the temporary period of the permission 
    for the well site by a further 3 years and to remove 
    the requirement for the scheme to include an identified 
    HGV holding area. It has also applied today for 
    two other associated planning applications - for 
    the underground drilling corridor and for the temporary 
    security fence, which is to be erected around the 
    well site. 
    Europa also confirms that the Oil and Gas Authority 
    has extended the Initial Term of Licence for PEDL 
    143 until 30 September 2020. 
    The Environment Agency granted a mining waste permit 
    number EPR/YP3735YK on 23 July 2018. The permit 
    authorises the management of extractive wastes not 
    involving a waste facility to allow the drilling 
    and testing of a single well for the purposes of 
    onshore oil and gas exploration. The Environment 
    Agency has also granted a radioactive substances 
    regulation permit and an oil storage permit (both 
    Standard Rules) 
    Europa is the operator of PEDL 143, in which it 
    holds a 20% interest, alongside UK Oil & Gas Investments 
    plc 40%, Egdon Resources plc 18.4%, Angus Energy 
    plc 12.5%, Union Jack Oil plc 7.5% and Altwood Petroleum 
    1.6%." 
 

Following farm-out to UK Oil & Gas Investments plc, Egdon is fully carried on its remaining 18.4% share of the exploration well costs up to a cap of GBP3.2 million.

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)                              020 7894 7000 

Caspar Shand Kydd / Alex Pollen (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 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.

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.

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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July 24, 2018 02:00 ET (06:00 GMT)