The Resolution gas discovery on licence P1929 (EDR 100%) is an early North Sea discovery made by Total in 1966.
- Latest News November 2019. Following an extensive farm-out process, on 4 November 2019 the Company announced that Egdon Resources U.K. Limited has signed an exclusivity agreement in respect of Licence P1929 and P2304 with a large internationally recognised exploration and production company . Exclusivity has been granted to this company subject to a definitive farm out agreement or other definitive legal agreement(s) being entered into by 19 January 2020 and completion occurring by 19 April 2020.
Given the exclusivity arrangement, discussions and negotiations with other parties have been suspended and the data room closed while the Agreement is in place.
Egdon was awarded Licence P1929 containing the Resolution discovery -then called the A Prospect -in April 2013 covering offshore blocks 41/18 and 41/19 located adjacent to the North Yorkshire coast. The licence, awarded as a result of 26th UK Seaward Licensing Round, is a Traditional Licence with Egdon Resources U.K. Limited holding 100% interest and Operatorship.
In April 2019 we announced the results of a Competent Person’s Report (“CPR”) prepared by Schlumberger Oilfield UK PLC in relation to the Resolution gas discovery. Schlumberger has made independent estimates of mean Contingent Gas Resources of 231bcf that can be attributed to the Zechstein reservoir in the 1966 gas discovery made by Total in well 41/18-2 (UK). Dynamic reservoir modelling indicates the potential for gas flow rates between 17-22 MMscfd per well.
The later Endeavour discovery tested gas at rates of 14.9 MMscfd (41/24-1) to 34.3 MMscfd (41/24-3) is a potential satellite development to Resolution with mean Prospective Resources of 18 bcf gas (Egdon’s estimate).
In addition, exploration upside exists in the underlying Carboniferous (tight gas)
Marine 3D acquisition is planned for Spring 2020 window, subject to securing a farm out partner. This 3D would also extend over the Endeavour gas discovery (P2304).
We would then intend to drill and flow test an appraisal well to confirm the gas resources from the Resolution discovery prior to potential field development.