Egdon Resources plc notes the announcement made by IGas Energy plc (“IGas”) responding to the press article in “The Sun” newspaper which contains details of the highly encouraging results from the Tinker Lane-1 well drilled on the southern margin of the Gainsborough Trough. The announcement also provided an update on the Springs Road-1 well on license PEDL140, in which Egdon holds 14.5% interest. The IGas release stated;
“We note the press article today in relation to our Tinker Lane exploration site in North Nottinghamshire.
The preliminary tests on shale samples from within the Millstone Grit Group at Tinker Lane are encouraging for the potential gas resources in the Gainsborough Trough basin. The analysis of these samples is still subject to further testing and validation. As previously stated, the well, which is part of a wider exploration programme in the basin, has been plugged and abandoned and preparations are being made to fully restore the site.
Drilling operations at Springs Road-1 are progressing well. We have encountered shales on prognosis, at c.2,200 m, including the Bowland Shale horizon and coring will commence imminently. The rate of drilling at Springs Road has been quicker than anticipated, building on our learnings and operating efficiencies from Tinker Lane and augurs well for the future.”
Mark Abbott, Managing Director of Egdon Resources plc, said:
“Although preliminary, these results are highly encouraging for the Gainsborough Trough shale play and we look forward with anticipation to the results from Springs Road-1 where progress to date has been significantly ahead of schedule”