Holding in Company
The Company was notified today that on 19 December 2008, following disposal of ordinary shares in Egdon Resources ("Ordinary Shares"), Credit Suisse Securities (Europe) Limited no longer have a notifiable interest in the Ordinary Share capital of the Company.
Holding in Company
The Company was notified on 22 December 2008 that on 19 December 2008 Hargreave Hale Limited had acquired a total of 4,750,000 ordinary shares in Egdon Resources ("Ordinary Shares"). Following the acquisition Hargreave Hale Limited is interested in 14,095,500 Ordinary Shares representing 20.5 per cent. of the issued voting capital of the Company. 10,000,000 of these Ordinary Shares, representing approximately 14.57 per cent. of the issued share capital, are for a unit trust operated by Marlborough Fund Managers Ltd, for which Hargreave Hale manages the investments on a discretionary basis. The discretionary clients of Hargreave Hale Limited are interested in 4,095,500 of these Ordinary Shares which represent approximately 5.97 per cent. of the issued voting capital of the Company.
Egdon Resources plc (the "Company") was informed on 5 December 2008 that on 19 August 2008 Mr John Rix, Non-Executive Director, was the beneficiary of a distribution in specie from a VCT trust which held Ordinary Shares in the Company and as result 872 shares were transferred to him. Similarly 1,744 shares were transferred to his wife.Mr Rix's total beneficial shareholding in the Company has as a result increased by 2,616 shares to a total of 1,293,949 Ordinary Shares, representing 1.89% of the issued share capital of the Company.
Results of AGM and Operations Update
The Directors of Egdon Resources plc are please to announce that at the Annual General Meeting held at the offices of Buchanan Communications at 11.30 am on 4 December 2008 all resolutions put before the meeting were duly passed.At the meeting the Managing Director Mark Abbott presented a review of the business and its plans for 2009 which is now available on the Company's website www.egdon-resources.com.The Company would also like to provide a brief update on some of its current operations.In licence PEDL118 (Egdon 100% interest) the Company is pleased to advise that the Dukes Wood-1 exploration well was spudded on 18 November 2008. The top-hole section of the well was drilled and cased to a depth of 47 metres before suspending the well until a larger rig becomes available to undertake directional drilling operations, expected to be, in the first quarter of 2009. The Dukes Wood-1 well will be drilled directionally to a planned measured depth of around 800 metres to test the crestal part of the Dukes Wood anticline in an area where Egdon have identified potential for undrained oil and re-migrated oil. The primary target for the well will be the Ashover Grit reservoir with secondary reservoir objectives in the Sub-Alton Crawshaw, Loxley Edge Rock and Wingfield Flags intervals. A previous well from this part of the structure was re-entered in 1992 and produced 180 barrels of oil during a short swab test from the upper interval of the Ashover Grit indicating the presence of recoverable oil in this part of the field. The PEDL118 licence has also been extended into its second licence period which expires on 31 January 2013.Just to the south of the Eakring-Dukes Wood field is the shut-in Kirklington oil field in 13th Round licence PEDL203 (Egdon 100% interest). Kirklington which produced from the Sub-Alton Crawshaw and Chatsworth Grit reservoirs has been shut-in since 2004. Egdon believe that over half a million barrels could remain recoverable from the field via a sidetrack of the existing Kirklington-2 well. Egdon is in the process of concluding the agreements to acquire the Keddington-2 well site and anticipates production will be restarted from the existing well by year end.Planning consent has been received from Dorset County Council for testing operations at Waddock Cross in Dorset licence PL090 (Egdon 45% interest). The Company is currently working to discharge all of the planning conditions and anticipates testing operations will commence during the first half of 2009.The Company has been advised by Star Energy, the operator of Hampshire licence PEDL070 (Egdon 20% interest) which contains the Avington Oil Field, that pressure gauges have been run into the production wells this week in anticipation of recommencing oil production operations during December.Commenting on the recent operations and the near term strategy of the Company, Mark Abbott, Managing Director of Egdon said;"As set out in our post-demerger strategy, the Company continues to focus on production and development projects designed to increase our near-term revenue and cash flow. We are making good progress in this regard and look forward to increasing levels of production from continuing oil production at Keddington, the restoration of production at Avington and the restarting of production at Kirklington during December. The early part of 2009 will see the drilling and evaluation of the Dukes Wood-1 well, planned testing at Waddock Cross and enhancement of production levels at Keddington. We also look forward to concluding a gas sales agreement for Kirkleatham and the commencement of gas sales during 2009.Egdon has an excellent portfolio of exploration projects in the UK and France and we remain committed to adding shareholder value through the drill-bit. As such we are currently marketing farm-out opportunities with the aim of bringing forward drilling activity on a number of our projects.The Company has sufficient cash resources for our planned 2009 programme of work and we are well positioned for growth during the current market and commodity price environment"View or download full release
Holding in Company
The Company was notified today that on 7 November 2008, following disposal of ordinary shares in Egdon Resources ("Ordinary Shares"), Credit Suisse Securities (Europe) Limited held an interest in 5,000,000 Ordinary Shares, representing 7.37 per cent. of the issued Ordinary Share capital of the Company.
Holdings in Company
The Company was notified on 6 November 2008 that on 3 and 5 November 2008 Hargreave Hale Limited had acquired a total of 6,245,000 ordinary shares in Egdon Resources ("Ordinary Shares") for discretionary clients. Following these acquisitions, the discretionary clients of Hargreave Hale Limited are interested in 9,345,500 Ordinary Shares which represent approximately 13.6 per cent. of the issued voting capital of the Company.
Holding in Company
The Company was notified on 4 November 2008 that, as a result of a disposal of ordinary shares in Egdon Resources ("Ordinary Shares") on 3 November 2008, Brewin Dolphin Limited holds 3,424,128 Ordinary Shares (with an equivalent amount of voting rights) which represents approximately 4.99per cent. of the issued Ordinary Share voting capital of the Company.These shares are held indirectly as follows:Brewin Dolphin Nominees353,9000.52Giltspur Nominees Limited3,060,2284.46Brewin Dolphin Nominees a/c Charity 10,000 0.014
Holding in Company
The Company was notified on 24 October 2008 that, as a result of a disposal of ordinary shares on 22 October 2008, Credit Suisse Securities (Europe) Limited holds 11,903,924 Ordinary Shares (with an equivalent amount of voting rights) which represents approximately 17.56 per cent. of the issued ordinary share capital of the Company.
Grant of Planning Permission - Eakring-Dukes Wood rejuvenation project
The Directors of Egdon Resources plc (AIM:EDR), the UK-based exploration and production company primarily focused on the hydrocarbon-producing basins of onshore UK and Europe, are pleased to advise that planning permission has been granted to its wholly owned subsidiary Egdon Resources U.K. Limited for the drilling of an exploratory well at the Company’s Eakring-Dukes Wood oil field rejuvenation project in Nottinghamshire.Nottinghamshire County Council granted permission on 10 October 2008 for the drilling at Whip Ridding Farm. The well will be drilled directionally to a planned measured depth of around 800 metres to test the crestal part of the Dukes Wood anticline in an area where Egdon have identified potential for undrained oil and re-migrated oil. The primary target for the well will be the Ashover Grit reservoir interval with secondary reservoir objectives in the Sub-Alton Crawshaw, Loxley Edge Rock and Wingfield Flags.Further details of the well and its objectives will be provided once drilling operations commence later in 2008.Commenting on the grant of planning permission, Mark Abbott Managing Director of Egdon said:
“This planning permission enables us to move forward with our evaluation of the rejuvenation potential of the Eakring-Dukes Wood oil field where we see low risk opportunities to add production and reserves to our near term asset base. We are encouraged that this application did not receive any objections and are now satisfying the planning conditions and preparing to drill this well.”
Notification of Results
Egdon Resources plc (AIM:EDR) the oil and gas exploration and production company focussed on the on-shore UK and mainland Europe today announces that its Preliminary Results for the 12 months ended 31 July 2008 will be released on the 22 October 2008.
New Exploration Licences in France
The Directors of Egdon Resources plc, the UK-based exploration and production company primarily focused on the hydrocarbon-producing basins of onshore UK and Europe, are pleased to provide an update on two licence applications in France made by its wholly owned subsidiary, Egdon Resources (New Ventures) Limited.Egdon has been advised that no competing applications were received for the Gex Permit during the 90 day competition period which ended on 14 August 2008 following publication of the application in the Journal of the European Union. As such the application will now proceed to the final stages of approval through the French system with formal award expected in late 2008 or early 2009.The Gex Permit, which covers an area of 932 square kilometres, is located in eastern France adjacent to the Swiss border close to Geneva. The permit is located in the Jura-Molasse Basin. There are two main plays within the area; oil in shallow Oligocence age sandstones and oil and gas in older Mesozoic reservoirs. Oil has been described from surface seeps which were historically mined within the region and also in a number of shallow cored boreholes drilled within the area. In addition oil and gas have been encountered in the Mesozoic section in wells drilled in and around the licence area. A number of surface anticlines are developed within the licence area and will be the focus for exploration of the Oligocence play. A large lead has also been identified in the Triassic.The Gex Permit will have a five year duration and the initial two year work programme will comprise the reprocessing and interpretation of the existing seismic data and detailed geological studies.Egdon can also provide an update on its Pontenx Permit application in South West France. The Pontenx permit application was subject to a competitive application during the 90 day period, which closed on 19 March 2008. Egdon has now reached agreement with the French authorities to split the application area between the two competing parties and the proposal is due to be considered by the French General Council of Mines during September. Assuming ratification, formal award of the licence will follow later in 2008 or early 2009.The Pontenx Permit is located on the southern margins of the Parentis Basin, an oil productive region on the west coast of France, to the south of Bordeaux. France’s largest onshore oil field, Parentis, is located some 10 kilometres to the north of the licence area. The Lucats-Cabeil heavy oil producing field is also located just to the north of the licence.The main play within the Pontenx Permit is oil in Cretaceous age platform and reef carbonate reservoirs. The Pontenx Permit will cover an area of 313 square kilometres against the original application area of 387 square kilometres. The licence contains the abandoned Mimizan Nord heavy oil field, and a number of high potential prospects adjacent to or up-dip of wells with good oil shows and tests.The licence will have a four year term and the initial two year work programme will comprise the reprocessing and interpretation of existing seismic data, a review of the rejuvenation potential of the Mimizan Nord abandoned oil field and detailed geological studies.Egdon will be operator of both permits with a 40% interest. The partners in both permits are Eagle Energy Limited (40%) and Nautical Petroleum Limited (20%).Commenting on the new licences, Mark Abbott Managing Director of Egdon said“Egdon has identified France as a target for potential growth and these two new licences represent excellent progress within our business development strategy. These highly prospective licences contain a good mix of field rejuvenation, appraisal and exploration opportunities which complement our existing French licence. We now look forward to the conclusion of the formal process of licence award and commencement of a detailed phase of prospect evaluation. Egdon will also continue to review further opportunities in France and we expect to make further applications over the coming months as we look to further strengthen our acreage position and opportunity base.”View or download full release
Holding in Company
The Company was notified on 5 August 2008 that, as a result of an acquisition of ordinary shares in Egdon Resources ("Ordinary Shares") on 4 August 2008, Brewin Dolphin Limited holds 3,461,128 Ordinary Shares (with an equivalent amount of voting rights) which represents approximately 5.04 per cent. of the issued Ordinary Share voting capital of the Company.These shares are held indirectly as follows: Name of Shareholder Number of ordinary shares Percentage holding Brewin Dolphin Nominees 373,900 0.54 Giltspur Nominees Limited 3,077,228 4.48 Brewin Dolphin Nominees a/c Charity 10,000 0.015
Egdon Resources plc (the "Company") was informed today that Mr Andrew Hindle, Non-Executive Director, has sold from his SIPP 25,000 Ordinary shares in Egdon Resources at 16.75p per share and simultaneously bought 25,000 Ordinary shares in Egdon Resources at 16.75p in his own name. There is therefore no change in beneficial interest.Mr Hindle currently holds 6,659,232 Ordinary shares in Egdon Resources representing 9.71% of the issued share capital.
Further Details of New Licences Onshore UK
Egdon Resources plc (AIM:EDR), the UK-based exploration and production company primarily focused on the hydrocarbon-producing basins of the onshore UK and mainland Europe, is pleased to provide further details of the licences offered to it in the UK 13th Landward licensing round.As previously reported the Department for Business Enterprise and Regulatory Reform has offered Egdon a total of six operated Petroleum Exploration and Development Licences (“PEDL’s”). These licences are located within two of the Company’s focus areas, the East Midlands Petroleum Province and the Wessex Basin of Dorset. All licence awards are subject to the usual regulatory approvals.Egdon and its joint venture partners have been offered PEDL237 within the Wessex Basin in Dorset, Southern England. Egdon will hold a 45% interest in the licence with partners First Oil Expro Ltd (26.25%), Sterling Resources (UK) Ltd. (18.75%) and Dorset Exploration Limited (10%). The licence is contiguous to existing licences PEDL048 and PL090. The area contains a number of high potential oil prospects identified on proprietary reprocessed 2-Dimensional (“2D”) seismic data. The main plays within the block are the Sherwood Sandstone and Bridport Sandstone which are productive at the Wytch Farm oil field located some 20 kilometres to the east. Egdon have mapped best estimate gross prospective resource potential of 70 million barrels of oil (“mmbo”) within the licence. The work programme will comprise of pre-stack depth migration of existing 2D seismic data prior to making a drill or drop decision on the licence.Five licences have been offered in the East Midlands Petroleum Province of Nottinghamshire, Lincolnshire and Leicestershire, an area where Egdon will now hold 15 licences.PEDL182 is one of three licences offered to a 50:50 joint venture with Celtique Energie Petroleum Limited (“Celtique”). The licence is located to the south and east of the town of Scunthorpe. PEDL182 contains the Broughton Prospect, a structure up-dip and to the north and west of the Broughton-1 oil discovery well drilled by BP in 1984, which produced oil on test at rates of up to 40 barrels of oil per day. Broughton is located to the south-east of the Crosby Warren producing oil field. Additional prospectivity is also identified within the block. Best estimate gross prospective resources of 4 mmbo have been mapped within the licence. The work programme will comprise of the reprocessing of existing seismic data and new proprietary 2D seismic acquisition before making a drill or drop decision on the licence.Licence PEDL241 is located to the south east of PEDL182. The licence contains a regional high trend known as the Glanford-Brigg High along which oil has been found by wells at Brigg and Glanford. The trend is covered by 3-Dimensional (“3D”) seismic data which has enabled the mapping of a number of robust prospects. The primary focus will be on the North Kelsey Prospect, an un tested tilted fault-block, and the Brigg and Glanford Prospects where oil has previously been found although not commercially developed. Evaluation of existing data has resulted in best-estimate gross prospective resources of over 12 mmbo being mapped for the licence. The Egdon-Celtique joint venture will obtain and reprocess further 2D seismic data and reprocess the existing 3D seismic before making a drill or drop decision.Egdon and Celtique have also been offered PEDL201 in the southern part of the East Midlands Petroleum Province to the south-east of the city of Nottingham. The block is located between the Rempstone and Long Clawson producing oil fields on the southern margin of the Widmerpool Gulf Basin. Egdon have identified a number of prospective structures and also a new high potential play. Best-estimate gross prospective resources of 14 mmbo have been mapped within the licence. Egdon will obtain and reprocess additional 2D seismic data and acquire new proprietary 2D seismic data prior to making a drill or drop decision.Egdon has also been offered two blocks on a 100% basis, which are contiguous with existing licences PEDL118, PEDL130 and PEDL132. PEDL203 is located in Nottinghamshire to the south of the Eakring – Dukes Wood oil field where Egdon is planning to drill a well later in 2008 as part of a field rejuvenation project. This block contains the Kirklington oil field which produced from the Sub-Alton Crawshaw reservoir between 1991 and 1998 and from the Chatsworth Grit reservoir from 2003 to 2004. Egdon believe that over 0.5 mmbo could remain recoverable from the field via the existing Kirklington-2 well, which is still capable of production. Egdon will work to restart production from the field later in 2008 subject to regulatory, landowner and other approvals. The licence work programme requires obtaining and reprocessing existing 2D seismic data prior to a drill or drop decision on the licence.PEDL206 (Egdon 100%) contains the Kelham Hills and Caunton abandoned oil fields and a number of identified leads and prospects. Egdon have mapped best-estimate prospective resources of 5 mmbo for the licence and will be obtaining and reprocessing further existing 2D and 3D seismic data as part of the work programme prior to a drill or drop decision.Commenting on the licence offers, Mark Abbott, Managing Director of Egdon, said“The award of these six new operated licences significantly strengthen and broaden Egdon’s onshore UK asset and opportunity position. The new licences add net Egdon best-estimate prospective resources of over 50 million barrels of oil. Within these new blocks we have a broad mix of opportunities, from an early oil production project at Kirklington in PEDL203, through identified prospects up-dip of known oil such as at Broughton in PEDL182 and Brigg and Glanford in PEDL241, to high potential plays such as those seen in the Sherwood Sandstone of the Wessex Basin in PEDL237 and new play concepts as seen in PEDL201.These awards represent a further step forward in our strategy to develop a material exploration and production business focussing onshore in the UK and mainland Europe”View or download full release
New Licence Offers in the 13th Landward Licensing Round
Egdon Resources plc (AIM:EDR), the exploration and production company focused on the UK and Europe notes that the department for Business Enterprise and Regulatory Reform (“DBERR”) yesterday announced the offer of 93 Petroleum Exploration and Development Licences (“PEDL’s”) as part of the 13th Landward Licensing Round which closed on 6th February 2008.The management of Egdon are pleased to announce that the Company has been offered six licences covering eight blocks or part blocks in the round. These licences are located in the East Midlands and Wessex Basin and expand the Company’s acreage and opportunity base within our core areas of activity.The Company will provide further details in relation to these PEDL’s once documentation is received from DBERR over the coming weeks.Two further applications by the Company are also subject to further discussion with DBERR.Commenting on the offers, Managing Director of Egdon, Mark Abbott said“We are delighted to have been awarded a high percentage of those blocks applied for in what has been a very competitive licensing round. The blocks offered provide significant opportunities for growth and are excellent additions to the Egdon UK portfolio of interests. As an established operator with a strong licence holding we are also encouraged by the level of interest shown in the onshore UK”
Directors Share Acquisitions
The Company announces that the Directors below chose to accept the issue to them, or their nominees, of fully paid ordinary shares in the Company in lieu of cash bonuses that otherwise fell due for payment on 24 May 2008. The number of shares so issued and the resultant new beneficial holdings held by the Directors are as follows:DirectorShares IssuedNew Total Percentage of Beneficial HoldingPercentage of Issued Share CapitalMark Abbott520,0007,204,80610.50%Andrew Hindle65,0006,659,2329.71%Kenneth Ratcliff97,50053,0000.08%John Rix65,0001,291,3331.88%Walter Roberts65,0001,091,7501.59%The issue price of these shares was 18p (being the middle-market closing price on 23 May 2008, the last trading day before the bonuses were otherwise payable). Application has been made for the new shares to be admitted to trading on AIM with dealings expected to commence on 2 June 2008.Immediately following the issue of these shares, the total issued ordinary share capital of the Company will be 68,614,340 Ordinary 10p shares.
Grant of Options
The Company announces that, as indicated in its AIM Admission Document, on 13 May 2008 it established an Enterprise Management Incentive Scheme and that options to purchase shares have been granted to all employees. All the options have been granted at an exercise price of 16.17p (being the average middle-market closing price on the preceding three trading days). The options are exercisable on or after 1st August 2010.Options have been granted over a total of 1,631,908 ordinary shares, representing approximately 2.4% of the issued share capital. The Company’s Managing Director, Mark Abbott, has been granted options over 618,429 shares.
Holding in Company
The Company was notified on 15 February 2008 that, as a result of a disposal of ordinary shares on 13 February 2008, Credit Suisse Securities (Europe) Limited holds 12,903,924 Ordinary Shares (with an equivalent amount of voting rights) which represents approximately 19.03 per cent. of the issued ordinary share capital of the Company.
Result of Grenade – 3 Exploration Well
Egdon Resources Plc (AIM:EDR) the onshore focused energy company today provides an update on the results of the Grenade-3 exploration well drilled in the St Laurent Permit of SW France here the Company holds a 33.423% operated interest.The Grenade-3 well spudded on 10 January 2008 and reached a total depth of 2310 metres on 10 February. The target "Vraconian" limestone interval was penetrated 21m up-dip of the Grenade-1 discovery well. However, coring and logging have indicated that the target interval had no effective porosity and as such was not hydrocarbon bearing. The Grenade-3 well has therefore been suspended whilst detailed analysis is undertaken of the core data and the results incorporated into the field model. The option has been retained to target other areas of the Grenade prospect via a sidetrack from the Grenade-3 well.The Grenade-3 well was drilled as a 1.6 kilometre step-out to Grenade-1, drilled by Elf in 1975 which found a 97m column of 10 degree API oil. The Grenade heavy oil accumulation is mapped as a three-way up-dip pinch-out of the reservoir on a low energy carbonate platform. Grenade-3 has defined the eastern limit of reservoir development within the structure although potential still exists to the west and south around the Grenade-1 well and also northwards towards the Maurrin-1 well.Commenting on the well Egdon's Managing Director Mark Abbott said:"The lack of reservoir development in the Grenade-3 well is disappointing but has defined the eastern limit of the Grenade stratigraphic trap. We will now incorporate the results of this well into our geological and commercial models prior to determining any future work programme. Egdon remain committed to exploration in France and will be focusing on understanding the implications of this well and also progressing our evaluation of the multi-TCF potential Audignon Anticline gas prospect also within the St Laurent Permit."
First Day of Dealing on AIM
Egdon Resources plc (AIM : EDR) the exploration and production company focussed on the onshore UK and mainland Europe today announces the commencement of dealing in its shares on AIM following completion of the demerger of Egdon Resources plc and Portland Gas plc, which is also admitted to trading on AIM today.Seymour Pierce Limited is the Nominated Adviser and Broker.
Overview of Egdon
Egdon Resources plc will remain focused on oil and gas exploration and production in the UK and mainland Europe. It has a portfolio of over 20 licencesall in areas of proven oil and gas production. Egdon's licences are located in the Wessex and Weald basins of Southern England, the Midlands Petroleum Provinceand the Cleveland Basin of Northern England, on the UKCS and in the Aquitaine Basin of South West France.Egdon currently has operated production from the Keddington oil field and test production from the Avington oil discovery. It has a programme of field appraisal and developments planned for 2008 and 2009, starting with a well on the Grenade Heavy Oil accumulation in SW France as announced on 14 January 2008. Further activity is planned during 2008 at the Kirkleatham gas discovery, the Eakring- Dukes Wood oil field and the Waddock Cross oil discovery.Egdon also has a portfolio of oil and gas exploration assets ranging from smaller exploration prospects such as those in the East Midlands to high potential oil and gas prospects in Southern England, and multi-TCF gas prospects in SW France.The Egdon team will be led by Mark Abbott as Managing Director, with the remaining Board members being Philip Stephens (Non-Executive Chairman), WalterRoberts (Company Secretary and Non-Executive Director), Andrew Hindle (Non-Executive Director), Kenneth Ratcliff (Non-Executive Director), and JohnRix (Non Executive Director).Upon admission there will be 67,801,840 ordinary shares in issue.Commenting on the listing on AIM, Mark Abbott, Managing Director of Egdon said:"Egdon's ongoing strategy is to add material shareholder value via drill bit success across its portfolio. The Company has an excellent portfolio ofinterests, and we have commenced 2008 with a highly prospective drilling campaign in France. We look forward to further progress over the coming months."