Yearly Archives: 2021

Wressle Achieves 500 bopd

24 August 2021

Egdon Resources plc (AIM: EDR, “Egdon”), an established exploration and production company focused on the hydrocarbon-producing basins of the onshore UK, is pleased to provide an update on operations at its Wressle Oil Field Development (“Wressle”) located in North Lincolnshire, covered by Licences PEDL180 and PEDL182 and where the Company holds a 30% operated interest.

Egdon is pleased to advise that the coiled tubing operation has been completed safely and successfully and the Ashover Grit reservoir has been returned to flow, under extended well testing operations. The well flow is continuing to clean-up and has not yet reached its full potential. The measured flow rates have exceeded 500 barrels of oil per day under a restricted choke setting, which was the forecast rate following the proppant squeeze operation.

We will provide a further update once stabilised flow rates are established in the coming weeks.

Mark Abbott, Managing Director of Egdon, commented:

“I am delighted to advise that the proppant squeeze operation has been successful in enabling the Wressle well to deliver the target production rate of 500 barrels of oil per day. Oil production will be optimised whilst the Ashover Grit reservoir continues to clean-up.  With this additional 150 barrels of oil per day net to Egdon and the current strong oil price, Wressle will have a transformational impact on Egdon’s near-term cash flow.

Considerable upside remains in the additional reservoirs at Wressle and in adjacent prospects and we expect Wressle to be an important asset for Egdon for a number of years to come.

I would like to take this opportunity to thank all of Egdon’s contractors who have contributed so effectively to delivering this milestone event for the Wressle joint venture.”

Wressle Operational Update

29 July 2021

Egdon Resources plc (AIM: EDR, “Egdon”), an established exploration and production company focused on the hydrocarbon-producing basins of the onshore UK, is pleased to provide an update on operations at its Wressle Oil Field Development (“Wressle”) located in North Lincolnshire, covered by Licences PEDL180 and PEDL182 and where the Company holds a 30% operated interest.

Egdon is pleased to advise that the proppant squeeze operation on the Ashover Grit reservoir interval in the Wressle-1 well has been completed safely and successfully.  A total of 146 cubic metres of gelled fluid with 17.3 tonnes of ceramic proppant were injected into the Ashover Grit formation in line with the authorised programme.  The injection operations lasted a total of only 1 hour and 30 minutes over a two-day period. (more…)

Results of General Meeting

20 July 2021

Egdon Resources plc (AIM: EDR) is pleased to announce that at the General Meeting held at 10.00 hours today Shareholders approved all the resolutions proposed in the notice of general meeting sent to Shareholders on 1st July 2021. Capitalised terms not defined in this announcement shall have the meaning ascribed to them in the notice of meeting.

  • Resolution 1, was an ordinary resolution to grant the directors authority to allot Second Tranche Shares, with 01% voting in favour and 0.99% voting against;
  • Resolution 2, was an ordinary resolution to grant the directors authority to allot shares pursuant to the exercise of Warrants, with 01% voting in favour and 0.99% voting against, and;
  • Resolution 3, was proposed as a special resolution, to disapply pre-emption rights as set out in the notice of the meeting, with 99.07% voting in favour and 93% voting against.

View or Download GM Results

Biscathorpe Carbon Intensity Study and Planning Update

19 July 2021

Egdon Resources plc (AIM: EDR, “Egdon”), an established UK-based exploration and production company focused on the hydrocarbon-producing basins of the UK, is pleased to advise the positive results of a Carbon Intensity study carried out on the Biscathorpe project covered by Licence PEDL253 where the Company holds a 35.80% operated interest.

The study was conducted on behalf of the PEDL253 Joint Venture by Gaffney, Cline & Associates Limited (“GaffneyCline”), an international energy consultancy. GaffneyCline’s study delivered the following conclusions:

  • The Biscathorpe project as currently envisaged has an AA rating for Carbon Intensity for its potential long-term production of oil using GaffneyCline’s own rating system
  • The Carbon Intensity for the Biscathorpe project is significantly lower than the current UK average and compared with other onshore analogues
  • Once in production, GaffneyCline estimates that the Biscathorpe project will have a Carbon Intensity of just 3.06 grams of Carbon Dioxide equivalent per mega joule (gCO2Eq/MJ)
  • Potential exists to improve the Carbon Intensity to 1.49gCO2Eq/MJ through adoption of gas to grid optimisation

The Carbon Intensity of the Biscathorpe project was estimated by GaffneyCline as a conceptual field development using the Oil Production Greenhouse Gas Emissions Estimator (OPGEE) developed at Stanford University. This was supplemented by reference to GaffneyCline’s proprietary Global field database together with Biscathorpe specific field development assumptions. The results of the study were benchmarked against other development analogues in GaffneyCline’s proprietary database. The study also provided recommendations that could have a further impact on reducing emissions sources (Figure 1).

Table 1: Biscathorpe Project Carbon Intensity Rating (Source: GaffneyCline, July 2021)

Carbon Intensity Range (gCO2 Eq/MJ)
    Current Potential
AA ≤5 3.06 1.49
A 5 – 7    
B 7 – 11    
C 11 – 20    
D 20 – 30    
E 30 – 50    
F 50 – 70    
G Over 70    

Egdon can also advise that additional documentation was submitted to Lincolnshire County Council in early July in response to a Regulation 25 notice arising from the initial consultation on the planning application for the Biscathorpe project.  This information will now be subject to a period of consultation before the planning application goes before the Planning Committee, currently anticipated to be in September/October 2021.

Mark Abbott, Managing Director of Egdon, commented:

“The results of GaffneyCline’s independent modelling provides strong evidence that a future development at Biscathorpe could achieve a low carbon intensity rating (AA).  The Climate Change Committee has acknowledged that the UK will still be using fossil fuels up to and beyond the UK’s Net Zero carbon emissions target of 2050. It follows that the production of fossil fuels should be from that which generates the lowest emissions footprint, which, like Biscathorpe, are indigenous UK sources.

I am also pleased to confirm the submission of additional information in support of our planning application for the Biscathorpe project. This is expected to be considered by the Planning Committee later in 2021.

Biscathorpe represents a material and financially robust opportunity to secure an indigenous oil resource which would generate local and regional economic benefits and have environmental benefits through its lower carbon footprint when compared to imported oil.”

Conditional Equity Fundraising of approximately £1.44 million

30 June 2021

Conditional Equity Fundraising of approximately £1.44 million, Issue of Warrants, Exercise of Convertible Loan Notes and Notice of General Meeting

Egdon Resources plc (AIM: EDR, “Egdon”), an established UK-based exploration and production company focused on onshore exploration and production in the hydrocarbon-producing basins of the UK, is pleased to announce that it has conditionally raised approximately £1.44 million before costs via a subscription for new ordinary shares of 1 pence each in the Company (the “Subscription Shares“). It also announces that the holders of the Convertible Loan Notes have exercised their right to convert into new ordinary shares of 1 pence in the Company (the “Conversion Shares”) (together the “New Ordinary Shares”). (more…)

Wressle Update

29 June 2021

Egdon Resources plc (AIM: EDR, “Egdon”), an established UK-based exploration and production company focused on onshore exploration and production in the hydrocarbon-producing basins of the UK, wishes to provide an update on the planned proppant squeeze operation at its Wressle Oil Field Development (“Wressle”) located in North Lincolnshire, covered by Licences PEDL180 and PEDL182 where the Company holds a 30% operated interest (more…)

Wressle Update – Oil Storage Consent

26 May 2021

Egdon Resources plc (AIM: EDR, “Egdon”) is pleased to advise that it has received consent from North Lincolnshire Council for the storage of crude oil under the Planning (Hazardous Substances) Regulations 1992 at its Wressle Oil Field Development (“Wressle”) located in North Lincolnshire, covered by Licences PEDL180 and PEDL182 where the Company holds a 30% operated interest. (more…)

Wressle Development Update

18 May 2021

Egdon Resources plc (AIM: EDR, “Egdon”) is pleased to advise that it has received all necessary consents for the commencement of the proppant squeeze operation at the Wressle Oil Field Development (“Wressle”) located in North Lincolnshire Licences PEDL180 and PEDL182 where the Company holds a 30% operated interest. (more…)