Egdon Resources plc (AIM:EDR) notes the following announcement made today by IGas Energy plc (“IGas”) on behalf of the operator of the Springs Road Licence PEDL140, in which Egdon holds 14.5% interest:
“IGas is pleased to announce the spud of the Springs Road-1 exploration well at Misson Springs, in North Nottinghamshire.
This is the second well that forms part of an integrated exploration and appraisal programme to better define the basin and is located in the central basin area.
This exploratory well is a vertical well targeting the Bowland Shale geological formation..”
Mark Abbott, Managing Director of Egdon Resources plc, said:
“We are delighted that the Springs Road-1 well has now been spudded. This is a key well for Egdon as it will provide the first modern data on the shale and tight gas targets in the Gainsborough Trough – a core area for Egdon – where we have assembled a portfolio comprising 82,000 net acres with an estimated 20 TCF of net undiscovered Gas Initially In Place (“GIIP”).”