Yearly Archives: 2020

Wressle Update

13 May 2020

Egdon Resources plc (AIM: EDR, “Egdon”) is pleased to provide an update on the Wressle development in North Lincolnshire Licences PEDL180 and PEDL182 where the Company holds a 30% operated interest.

The Wressle development was granted planning consent on appeal on 17 January 2020. The Planning Inspector also allowed Egdon’s application for costs against North Lincolnshire Council (“NLC”) and we can advise that the gross sum of c. £403,000* has now been received from North Lincolnshire Council as settlement in full of these costs.

As previously advised the plan for the Wressle development comprises the following key stages:

  1. Discharging the planning conditions, finalising detailed designs, tendering and procurement of materials, equipment and services and finalising all HSE documentation and procedures
  2. Installation of groundwater monitoring boreholes and establishing baseline groundwater quality through monitoring and analysis
  3. Reconfiguration of the site
  4. Installation and commissioning of surface facilities
  5. Sub-surface operations
  6. Commencement of production

Following NLC approval of the installation plan and discharge of the associated planning condition we have now completed the installation of four groundwater monitoring boreholes on the Wressle site. These boreholes will be subject to monitoring and analysis throughout the life of the site, with an initial three months of sampling to determine baseline groundwater quality.

As previously advised, on current plans, the Company envisages first oil during H2 2020.

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

“We continue to make good progress with the Wressle development despite the current challenging operating environment. The successful installation of the groundwater monitoring boreholes represents an important step in the progress to first oil which will increase Egdon’s production by 150 barrels of oil per day.. Wressle remains economically robust with an estimated project break-even oil price of $17.62 per barrel.  We are also pleased to have received the costs in full from North Lincolnshire Council which strengthens our finances.”

*This will be divided between partners proportionate with their interests.

Director / PDMR Dealing

27 April 2020

Egdon Resources plc (AIM:EDR) announces that on 24 April 2020, Mark Abbott, Walter Roberts and Tim Davies, all Directors of the Company, acquired shares as detailed below as part of the second tranche of the Subscription announced on 14 April 2020 at a price of 2p per share.. (more…)

Completion of Tranche 2 of the Equity Fundraising announced on 14 April 2020

27 April 2020

Egdon Resources plc (AIM: EDR, “Egdon”) is pleased to announce the completion of Tranche 2 of the Equity Fundraising announced by the Company on 14 April 2020 (RNS number 4724J). Tranche 2 of the Subscription includes the issue of 2,800,000 new ordinary shares of 1p each in the capital of the Company to Mark Abbott, Walter Roberts and Tim Davies (the “Directors”) at a subscription price of 2p (the “Directors’ Subscription Shares”) and 1,441,780 new ordinary shares of 1p each in the capital of the Company to Petrichor at a subscription price of 2p (the “Petrichor Further Subscription Shares”) (together the “Tranche 2 Subscription Shares”). (more…)

Director / PDMR Dealing

22 April 2020

Egdon Resources plc (AIM:EDR) announces that on 21 April 2020, Elizabeth Stephens, wife of Philip Stephens, a Non-Executive Director of the Company, purchased 100,000 ordinary shares of 1 pence each (“Ordinary Shares”) at a price of 1.9 pence per share.

Following this transaction, Philip and Elizabeth Stephens are interested in 231,703 Ordinary Shares, representing 0.072% of the Company’s issued share capital.

Interim Results for the Six Months Ended 31 January 2020

21 April 2020

Egdon Resources plc (AIM: EDR), a UK-based exploration and production company primarily focused on the hydrocarbon-producing basins of onshore UK, today announces its unaudited results for the six months ended 31 January 2020 (“the Period”).  (more…)

Equity Fundraising of approximately £500,000

14 April 2020

Egdon Resources plc (AIM: EDR, “Egdon”) is pleased to announce that it has raised approximately £500,000 via a subscription for new shares, to be completed in two tranches. The Company has raised approximately £415,164 (the “Subscription“) through the issue of 20,758,220 new ordinary shares of 1 pence each in the Company (the “Subscription Shares“) at a price of 2p per Ordinary Share (“Issue Price“). The Subscription includes a £141,114 subscription by Petrichor Holdings Coöperatief U.A. (“Petrichor”). (more…)

Biscathorpe assessment demonstrates significant commercial upside

30 March 2020

Egdon Resources plc (AIM: EDR, “Egdon”) is pleased to provide an update on the Biscathorpe Project in Lincolnshire Licence PEDL253 where the Company holds a 44.75% operated economic interest.

Highlights

  • Economic modelling indicates a financially robust project even in the current oil price environment
  • The principal Westphalian target has an estimated un-risked gross NPV(10) of £55.6 million
  • Break-even full-cycle economics estimated to be (NPV(10)) US$18.07 per barrel of oil
  • A 57 metre oil bearing section in the Dinantian Carbonate of Biscathrope-2 represents a secondary target with potentially significant commercial upside
  • Future identified drill targets are accessible via a side-track of the suspended Biscathorpe-2 well.

(more…)

Wressle Development Update

18 March 2020

Egdon Resources plc (AIM: EDR, “Egdon”) is pleased to provide an update on the Wressle development in North Lincolnshire Licences PEDL180 and PEDL182 where the Company holds a 30% operated interest.

Given recent events in the oil and gas markets, Egdon has updated its economic model for the Wressle project. 

This work demonstrates that the project is economically robust in the current low oil price environment with an estimated project break-even oil price of $17.62 per barrel.  (more…)

East Humber Basin Update – Keddington, Keddington South and Louth

9 March 2020

Egdon Resources plc (AIM:EDR, “Egdon” or “the Operator”) notes the announcement made this morning by Union Jack Oil plc (“UJO” or “the Company”) on their acquisition of an additional 35% interest in the producing Keddington Oilfield PEDL005(R) and a 15% Interest in PEDL339 from Terrain Energy Limited. (“Terrain”). (more…)