Biscathorpe Update

6 December 2018

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”