Egdon Resources PLC PEDL143 Relinquishment (2601C)

TIDMEDR

RNS Number : 2601C

Egdon Resources PLC

16 October 2020

16 October 2020

EGDON RESOURCES PLC

("Egdon" or "the Company")

PEDL143 Relinquishment

Egdon Resources plc (AIM:EDR) notes the press release made today by UK Oil & Gas PLC ("UKOG") the operator of PEDL143, where Egdon held a 18.4% interest.

In its release UKOG advised the following in respect of PEDL143;

"A detailed study examining the viability of drilling the A24 (formerly Holmwood) Portland prospect's centre from selected sites outside the Surrey Hills Area of Outstanding Natural Beauty, each over 3 km from the target, concludes that the required long-reach/shallow target-depth wells are neither technically viable nor economically feasible. Consequently, UKOG and its partners have now relinquished their interests in the licence."

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

"The relinquishment is supported by Egdon, as a technically and commercially viable site to drill the A24 Prospect (formerly Holmwood) couldn't be identified. It enables Egdon to focus its resources on the core near-term priorities; namely, moving to production at Wressle during this quarter, progressing drilling options at Biscathorpe and North Kelsey, and acquiring a marine 3D seismic survey over the Resolution and Endeavour gas discoveries during the coming period."

For further information please contact:

Egdon Resources plc

   Mark Abbott / Martin Durham                                                     01256 702 292 

Buchanan

   Ben Romney, Chris Judd                                                           020 7466 5000 

Nominated Adviser & Joint Broker - WH Ireland Limited

Chris Hardie 020 7220 1666

Lydia Zychowska

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 43 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 27 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.

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October 16, 2020 02:05 ET (06:05 GMT)