2018

Egdon Resources plc (AIM: EDR), a UK-based exploration and production company primarily focused on the hydrocarbon-producing basins of onshore UK, today announces its audited results for the year ended 31 July 2018.Operational and Corporate Highlights

• Completion of site construction at Springs Road (PEDL140) where the operator, IGas, has advised it expects to commence drilling following completion of Tinker Lane-1 in H1 2019
• Acquisition of an additional 5% interest in PEDL180 and PEDL182 (Wressle) from Celtique Energie Petroleum Limited for a deferred cash payment
• Acquisition of 100% interest in Promote Licence P2304 from Arenite Petroleum Limited and Europa Oil & Gas Limited
• Completion of the acquisition of the producing Fiskerton Airfield oil field in Lincolnshire licence EXL294 and subsequent sale of 20% interest to Union Jack Oil plc to balance financial risk
• Gross production of 30,923 barrels of oil equivalent (“boe”) (84 barrels of oil equivalent per day (“boepd”)) (2017: 38,346 boe; 105 boepd) from Ceres, Keddington, Fiskerton Airfield and, for part of the period, Avington
• Farm-out of interests in PEDL253 (Biscathorpe) to Union Jack Oil plc and Humber Oil & Gas Limited
• Extension of existing consents for a further 3 years at both North Kelsey and Biscathorpe
• Submission of a new planning application for the Wressle field development to address in detail all matters highlighted by the Planning Inspector in his January 2018 dismissal of the appeals heard in November 2017

Financial Highlights

• Gross oil and gas revenues during the period of £1.00 million (2017: £1.04 million) offset by a write-off of £0.22 million (2017: £Nil) in respect of Ceres accrued back-out revenue
• Loss for the year-ended 31 July 2018 of £1.98 million after write-downs, pre-licence costs and impairment reversals of £0.40 million (2017: loss of £1.70 million after write-downs, pre-licence costs and impairments of £0.19 million)
• Basic loss per share of 0.76p (2017: basic loss per share of 0.68p)
• Cash at bank £2.77 million as at 31 July 2018 (2017: £6.06 million)
• Net current assets as at 31 July 2018 of £2.87 million (2017: £6.40 million)
• Net assets as at 31 July 2018 of £30.72 million (2017: £32.70 million)

Subsequent Events

• Appeal submitted during September against the refusal by North Lincolnshire Council to extend the existing planning consent at the Wressle-1 wellsite
• Holmwood site lease not renewed by the Forestry Commission and planning application withdrawn
• Completion of the installation of a new flow meter and restoration of production from the Ceres well
• Restart of works to complete the site construction at Biscathorpe-2 with drilling expected to commence late in 2018
• Consent for fracking at Preston New Road awarded to Cuadrilla, fracking operations commenced during October

Commenting on the results, Philip Stephens, Chairman of Egdon said;“2018 represents a landmark year for unconventional resources exploration in the UK with the commencement of hydraulic fracturing at Preston New Road in Lancashire.  Shale gas is a vital commodity to the nation and one that can be produced in an environmentally safe manner. Egdon Resources is one of the main acreage holders of prospective shale gas resources in the UK and we expect to participatein our first exploration test in the East Midlands with the drilling of the Spring Roads-1 well in 2019. The company’s overall strategic objectives are intact, despite the delays in bringing our oil discovery at Wressle through to production. Our commitment to conventional resources exploration remains, as demonstrated by the planned near-term drilling of the exploration well at Biscathorpe-2 where site construction is nearing completion.. Our financial position is good and 2019 promises to be an exciting year for Egdon and the onshore UK oil and gas industry as a whole.”View or Download  Egdon 2018 Preliminary ResultsView or Download Egdon Form of Proxy 2018

Egdon Resources plc (AIM:EDR), notes the following announcement made today by Europa Oil and Gas (Holdings) plc on behalf of the operator of the Holmwood Licence PEDL143, of which Egdon holds 18.4% interest:“Europa Oil & Gas (Holdings) plc, the UK and Ireland focused oil and gas exploration, development and production company, announces that it has been notified by the Head of Estates at the Forestry Commission that the Minister for the Environment, Food and Rural Affairs, has decided not to renew the lease at Bury Hill Wood, Coldharbour Lane, Surrey. Bury Hill Wood is the proposed site for a temporary exploration well to test the conventional Holmwood prospect on licence PEDL 143 in the Weald Basin, Surrey. The lease expires on 12th September 2018.Following the Minister’s decision, the Company, on behalf of its partners, will be withdrawing its planning application to drill the Holmwood prospect from the Bury Hill Wood site.PEDL 143 has recently been extended until 30th September 2020, and in addition to the established Portland sandstone reservoir, contains the Kimmeridge Limestone which, following success at the nearby Horse Hill discovery, is an emerging play in the Weald Basin. The Company, with its partners, intends to undertake a full evaluation of alternative sites from which to target the Holmwood prospect, and other plays in the licence.”Commenting on the announcement Mark Abbott, Managing Director of Egdon said: “The Minister’s decision is highly frustrating. However, we note the commitment of the operator to evaluate alternative sites and we will work with Europa and the joint venture partners to agree a forward plan for the licence.  Meanwhile we will continue to progress our plans across our broad and extensive portfolio of UK projects.”

TR-1 P Evershed

Egdon Resources plc (AIM:EDR), the exploration and production company with a focus on the onshore UK, is pleased to provide an update on operations following the end of the Company’s 2017-2018 financial year (“FY2018”) which ended on 31 July 2018. The Company’s preliminary results for FY2018 are scheduled to be announced on 30 October 2018.Mark Abbott, Managing Director of Egdon Resources plc, said:“The Company has a broad and extensive portfolio of projects and despite operating in what are, at present, challenging conditions for the UK onshore in terms of planning, we continue to make progress with many of our projects. During FY2018 we have completed the acquisition of the Endeavour gas discovery as a potential add-on to Resolution, increased production rates at Fiskerton Airfield, and successfully farmed out PEDL253 to allow us to proceed with drilling the very prospective Biscathorpe-2 exploration/appraisal well. The anticipated upgrade to the reserves at Ceres means that the field should produce gas and therefore provide cash flow for the Company for longer than was previously forecast. We remain confident that we will eventually gain planning consent to develop the Wressle oil discovery and have successfully acquired a further 5% interest in this asset. Finally, the Springs Road wellsite is almost complete and we expect the well, which could be a “play opener” in the Gainsborough Trough, to be drilled during the coming period.”Production Production in the second half of FY2018 came from Ceres, Keddington and Fiskerton Airfield and totalled 12,691 barrels of oil equivalent (“boe”), an average of 70 boe per day (“boepd”) (H2 2017 21,464 boe, 119 boepd). Average daily production over the full year is therefore 84 boepd against guidance of 100 boepd with the shortfall mainly due to the loss of six weeks’ production at Ceres. This was a result of the summer maintenance shut-down commencing in July, before the end of the financial year and two weeks when the field was shut-in as a result of unplanned downtime.The outlook for the Ceres field is positive as the operator, Spirit Energy, has recently advised that an increased volume of gas in-place, and hence ultimate recoverable reserves, is indicated by pressure recovery observed while the Ceres well has remained shut-in. Production will resume once a new flowmeter is installed in October 2018, and will provide a significant boost to Egdon’s production. Taking the operator’s forecasts, we expect production from Ceres (primary and back-out gas) net to Egdon to average over 125 boepd in the first half of the 2018-2019 financial year (“FY2019”).Oil production continues at Fiskerton Airfield (25-27 bopd gross) and Keddington (20-24 bopd gross). Additional intervention is being considered in the Fiskerton Airfield FA-1 well for early 2019 and we continue to review the possibility of further sidetrack drilling at Keddington.We will provide production guidance for FY2019 with our preliminary results, but initial guidance for the first half of the financial year is c. 160-180 boepd.OperationsPreparations continue for drilling the potentially play opening exploration well Springs Road-1 in the Gainsborough Trough (PEDL140, Egdon 14.5% carried). The operator, IGas, recently advised that construction works at the wellsite are nearing completion and confirmed that the well will be drilled after their nearby Tinker Lane-1 well where they now expect to commence drilling operations in Q4 2018.Elsewhere, we note that Cuadrilla Resources have completed the drilling of two horizontal wells at Preston New Road and recently received government approval for hydraulic fracturing and testing. We expect to hear the first results from these multistage tests in late Autumn 2018.At Biscathorpe (PEDL253) we have successfully farmed-out the drilling of Biscathorpe-2 which will evaluate a 1987 BP conventional oil discovery with Mean Prospective Resources net to Egdon estimated at 5 million barrels of oil. We are updating the tenders for all materials and services including the rig with a view to commencing completion of the site construction during late September 2018 and drilling operations in October/November 2018.At North Kelsey (PEDL241) we are finalising the application for the Environmental Permit and continue to seek further farminees for North Kelsey-1 which we hope to drill during H1 2019. The North Kelsey prospect has a Mean Prospective Resource net to Egdon estimated at 5.2 million barrels of oil and is considered similar to the Wressle discovery in holding the potential for multiple stacked reservoirs being charged with oil.In May 2018, Lincolnshire County Council (“LCC”) Planning Committee granted extensions to the existing planning consents to drill conventional resource exploration wells at North Kelsey and Biscathorpe. We have since been notified that LCC has been challenged by local activists as to the legality of their planning decisions. Although at this time we do not expect this to impact the timing of our operations at either well, we will keep this under review as the process unfolds. Separately, the Oil and Gas Authority (“OGA”) has granted extensions for both licences PEDL253 and PEDL241 to 30 June 2020.The Company has continued to make progress with the nearshore Resolution gas discovery (P1929, 41/18+19) during the period and has completed the acquisition of the adjacent licence P2304 (41/24) containing the Endeavour gas discovery confirmed by three wells drilled between 1969 and 1993 which tested at rates of up to 34 million cubic feet of gas per day with 1,280 barrels per day of condensate. Mapping using newly reprocessed 2D seismic data has yielded estimated Mean Contingent Resources for Endeavour of approximately 20 billion cubic feet (“bcf”) of gas, sufficient to make it a suitable candidate as a satellite development to add value to Resolution where we estimate Mean Contingent Resources of 330bcf. Egdon continues to seek an industry partner and/or investors to share the forward costs and is working with a respected industry contractor to produce an updated reservoir model and CPR. Our forward plan is to acquire a new 3D seismic survey during early 2019 to enable optimisation of an offshore appraisal well for Resolution.During the period Europa Oil & Gas Limited, the operator at Holmwood (PEDL143), announced the submission of an application to vary the existing planning consent and extend it by three years. They further announced that the OGA has extended the initial term of the licence until 30 September 2020 and that the Environmental Permit for the proposed drilling operations had been issued by the Environment Agency. The Holmwood prospect has an estimated Mean Prospective Resource of 1.14 million barrels of oil net to Egdon and is considered geologically analogous to the nearby Horse Hill-1 discovery.Turning finally to the Wressle project, in early July 2018 we announced the submission of a new planning application for the development of the oil discovery to North Lincolnshire Council (“NLC”). Egdon strongly believes that this new application comprehensively addresses the reasons for the refusal of the original planning applications and the subsequent appeals as set out in detail in our announcement of 5 July 2018.Whilst we will maximise our efforts to convince the planning officers and, more importantly, members of the NLC Planning Committee of the clear merits of our new application, our recent experiences with NLC means we have to remain fully prepared to take this new application through another appeal process. As the most recent example of their apparent intransigence, on 1 August 2018 the NLC Planning Committee refused our application to extend the existing consent for the Wressle site despite a recommendation for approval from their own professional planning officers. The reasons cited were conflicts with paragraph 205 of the NPPF and policy M21 of the North Lincolnshire Local Plan even though in his decision of January 2018 the Inspector found in Egdon’s favour on our appeal against the same reasons. We are now in the process of appealing this latest refusal decision and are increasing our lobbying and engagement efforts in respect of the Wressle project.Notwithstanding, and demonstrating our commitment to and confidence in the Wressle field development, in June 2018 we announced the acquisition of an additional 5% interest in PEDL180 and PEDL182 from Celtique Energie Petroleum Limited for a deferred cash consideration of £0.417m payable on commencement of production.

Egdon Resources plc (AIM:EDR) is pleased to advise that its application for planning consent for the Wressle Development has received a recommendation for approval (subject to Conditions) from North Lincolnshire Council’s Planning Officer.This application will be considered by a meeting of the North Lincolnshire Council Planning Committee on 28 November 2018.Mark Abbott, Managing Director of Egdon Resources plc, said:“I am very pleased that the Council’s Planning Officer has recommended approval of the proposed Wressle development, having diligently considered the significant body of additional work and improvements submitted as part of the application. The Planning Officer was clear in his report where he stated “it is considered that this new application addresses the concerns raised at the public inquiry and that, as a result of the additional ground investigation, site reconfiguration and improved pollution mitigation and water monitoring arrangements, the reasons given by the Inspector for dismissing the previous appeals have been overcome. This conclusion is confirmed by the external technical experts (JBA Consulting) employed by the Council to carry out a robust review of the new application and its potential environmental impacts”.We hope that the members of the planning committee will agree with the considered recommendation of their professional planning officer (supported in this case by specialist advisers), the various regulatory authorities and statutory consultees and approve the application at next week’s meeting.”

Egdon Resources plc (AIM:EDR) advises that its application for planning consent for the Wressle Development was refused at today’s meeting of the North Lincolnshire Council Planning Committee (“the Committee”). The application had been recommended for approval by North Lincolnshire County Council’s planning officers.Mark Abbott, Managing Director of Egdon Resources plc, said:“The decision of the Committee, whilst not entirely unexpected, is nonetheless disappointing given that the application had been recommended for approval by North Lincolnshire Council’s own professional planning officer who had the benefit of a positive assessment by specialist independent technical consultants. We agree with the conclusion of the planning officer and the independent consultants and strongly believe the new application for the development of the Wressle oil field fully and comprehensively addresses the reasons for the refusal of the original planning applications and the subsequent appeals and therefore intend to appeal this decision without delay. We will begin preparing the appeal documentation on receipt of the Committee’s decision notice.”

Egdon Resources plc (AIM:EDR), is pleased to announce that net Egdon gas production from the Ceres field, including back-out gas, during November averaged 1.16 million cubic feet of gas per day (193 barrels of oil equivalent per day). This is the first full month of production following the successful installation of a new flowmeter in October and is in line with forecasts.As a result the company expects gas sales net to Egdon for November to be in excess of £235,000.This figure does not include the sales of approximately 17 barrels per day of condensate in the period.Egdon holds a 10% interest in the Spirit Energy operated Ceres gas field in the Southern North Sea.Mark Abbott, Managing Director of Egdon Resources plc, said:“We are pleased to report this production update from Ceres which represents a material step up in both production and cash flow for Egdon. The production from Ceres defines our strategy of maintaining a balanced portfolio of conventional production whilst also progressing our conventional exploration activity and our material unconventional acreage position.”

TR-1: Standard form for notification of major holdingsNOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible)ⁱ1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attachedⁱⁱ:EGDON RESOURCES PLC1b. Please indicate if the issuer is a non-UK issuer  (please mark with an “X” if appropriate)Non-UK issuer2. Reason for the notification (please mark the appropriate box or boxes with an “X”)An acquisition or disposal of voting rightsXAn acquisition or disposal of financial instrumentsAn event changing the breakdown of voting rightsOther (please specify)ⁱⁱⁱ: Transfer out of holdings by discretionary clients.3. Details of person subject to the notification obligation^ivNameCANACCORD GENUITY GROUP INCCity and country of registered office (if applicable)VANCOUVER, CANADA4. Full name of shareholder(s) (if different from 3.)^vNameDISCRETIONARY CLIENTSCity and country of registered office (if applicable)As above5. Date on which the threshold was crossed or reached^vi:27 APRIL 20186. Date on which issuer notified (DD/MM/YYYY):30 APRIL 20187. Total positions of person(s) subject to the notification obligation% of voting rights attached to shares (total of 8. A)% of voting rights through financial instruments(total of 8.B 1 + 8.B 2)Total of both in % (8.A + 8.B)Total number of voting rights of issuer^viiResulting situation on the date on which threshold was crossed or reached10.408510.4085259,984,822Position of previous notification (ifapplicable)9.95859.95858. Notified details of the resulting situation on the date on which the threshold was crossed or reached^viiiA: Voting rights attached to sharesClass/type ofsharesISIN code (if possible)Number of voting rights^ix% of voting rightsDirect(Art 9 of Directive 2004/109/EC) (DTR5.1)Indirect(Art 10 of Directive 2004/109/EC) (DTR5.2.1)Direct(Art 9 of Directive 2004/109/EC) (DTR5.1)Indirect(Art 10 of Directive 2004/109/EC) (DTR5.2.1)GB00B28YML2927,060,57110.4085SUBTOTAL 8. A27,060,57110.4085B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))Type of financial instrumentExpirationdate^xExercise/Conversion Period^xiNumber of voting rights that may be acquired if the instrument is exercised/converted.% of voting rightsSUBTOTAL 8. B 1B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b))Type of financial instrumentExpirationdate^xExercise/Conversion Period ^xiPhysical or cash settlement^xiiNumber of voting rights % of voting rights SUBTOTAL 8.B.29. Information in relation to the person subject to the notification obligation (please mark theapplicable box with an “X”)Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer^xiiiFull chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held starting with the ultimate controlling natural person or legal entity^xiv (please add additional rows as necessary)XName^xv% of voting rights if it equals or is higher than the notifiable threshold% of voting rights through financial instruments if it equals or is higher than the notifiable thresholdTotal of both if it equals or is higher than the notifiable thresholdCanaccord Genuity Group Inc.10.408510.4085Canaccord Genuity Wealth Group Holdings Limited10.408510.4085Canaccord Genuity Wealth Group Holdings (Jersey) Limited10.408510.4085Hargreave Hale Ltd10.408510.4085 10. In case of proxy voting, please identify:Name of the proxy holderThe number and % of voting rights heldThe date until which the voting rights will be held11. Additional information^xviPlace of completionBLACKPOOL, ENGLANDDate of completion30 APRIL 2018 

The Directors of Egdon Resources plc are pleased to announce that at the Annual General Meeting held at the offices of Norton Rose Fulbright on 6 December 2018, all resolutions put before shareholders at the meeting were duly passed.

At the meeting, Managing Director Mark Abbott presented a review of the business. The presentation will be available and can be accessed from the Company's website: www.egdon-resources.com.

View or Download Voting Results and Proxy Appointments

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 / OutputP90P50P10MeanSTOIIP (mmbo)7.5229.50142.0056.00Prospective Resources (mmbo)1.847.3035.3014.00Net to Egdon 35.8% interest (mmbo) 5.0The AGM Presentation will be available from 11:30 am today on our website at https://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”

Egdon Resources plc (AIM:EDR) notes the following announcement made today by Europa Oil and Gas (Holdings) plc the operator of the Holmwood Licence PEDL143:

“Europa Oil & Gas (Holdings) plc, the UK and Ireland focused exploration, development and production company, is pleased to provide a planning update regarding the Holmwood conventional oil exploration prospect in the Weald Basin (‘Holmwood’) on Licence PEDL 143 at Bury Hill Wood, Coldharbour Lane, Surrey.   Europa Oil & Gas Limited is operator of PEDL 143 in which it holds a 20% interest.

Europa will today submit a planning application to Surrey County Council seeking a Variation of conditions 3 and 19 (i) of Appeal Decision APP/YB3600/A/11/2166561, to extend the temporary period of the permission for the well site by a further 3 years and to remove the requirement for the scheme to include an identified HGV holding area. It has also applied today for two other associated planning applications – for the underground drilling corridor and for the temporary security fence, which is to be erected around the well site.

Europa also confirms that the Oil and Gas Authority has extended the Initial Term of Licence for PEDL 143 until 30 September 2020.

The Environment Agency granted a mining waste permit number EPR/YP3735YK on 23 July 2018. The permit authorises the management of extractive wastes not involving a waste facility to allow the drilling and testing of a single well for the purposes of onshore oil and gas exploration. The Environment Agency has also granted a radioactive substances regulation permit and an oil storage permit (both Standard Rules)

Europa is the operator of PEDL 143, in which it holds a 20% interest, alongside UK Oil & Gas Investments plc 40%, Egdon Resources plc 18.4%, Angus Energy plc 12.5%, Union Jack Oil plc 7.5% and Altwood Petroleum 1.6%.”

Following farm-out to UK Oil & Gas Investments plc, Egdon is fully carried on its remaining 18.4% share of the exploration well costs up to a cap of £3.2 million.

The Company has been informed of the following recent transaction by a Director:Mark Abbott, Managing Director, purchased 325,000 ordinary shares via his SIPP at an average price of 6.8 p.Following this transaction Mark Abbott holds interests in 8,089,387 ordinary shares representing 3.11% of the share capital of the Company.The issued share capital of Egdon Resources plc consists of 259,984,822 ordinary shares of 1 pence each with voting rights. No Shares are held in treasury. Therefore, the total number of voting rights in the Company is 259,984,822.  

20180727 TR-1 Notification (Petrichor) Cantor

180727 - 3i Infrastructure plc TR1

Egdon Resources plc (AIM:EDR), the UK-based exploration and production company with a primary focus on the onshore UK, announces its unaudited interim results for the six months ended 31January 2018 (‘the period’).Overview and HighlightsOperational and Corporate

• Conclusion of legal agreements and commencement of site construction at Springs Road where the operator IGas has advised it expects to commence drilling around mid-2018
• Following rejection by the Planning Inspectorate of Egdon’s appeals against the two planning refusals in respect of the development of the Wressle oil discovery, Egdon announced its intention to submit a new planning application to address in detail all matters highlighted by the Inspector in his Decision Notice and to also make an application to extend the existing planning for the wellsite
• Acquisition of 100% interest in Promote Licence P2304 from Arenite Petroleum Limited and Europa Oil & Gas Limited resulting in an expanded core area to the south of the Resolution offshore gas discovery
• Completion of the acquisition of the producing Fiskerton Airfield oil field in Lincolnshire licence EXL294 and subsequent sale of 20% interest to Union Jack Oil plc to balance financial exposure
• Production of 17,962 barrels of oil equivalent (“boe”) (98 barrels of oil equivalent per day “boepd”) (H1 2017: 16,882 boe; 94 boepd)

Financial Performance

• Oil and gas revenues during the period £0.51 million (H1 2017: £0.51 million)
• Loss for the period of £0.85 million (H1 2017: loss of £0.73 million)
• Cash at bank of £4.10 million (H1 2017: £6.80 million)
• Net current assets as at 31 January 2018 of £5.08 million (H1 2017: £8.00 million)
• The Company has no debt (H1 2017: Nil)

Post-Period Events

• Farm-out of interests in PEDL253 (Biscathorpe) to Union Jack Oil plc and Humber Oil & Gas Limited
• Workovers completed of two wells at Fiskerton Airfield with production increased to approaching 30 barrels of oil per day (“bopd”), ahead of further optimisation, an increase of 14 bopd from pre workover levels
• Planning application submitted on 13 April 2018 to extend existing planning consent at the Wressle wellsite for a period of 12 months from the decision date
• Additional site investigation boreholes and two deeper cored boreholes completed to support a new planning application for Wressle field development due for submission within the next month
• Submission of planning applications to extend existing consents for a further 3 years at both North Kelsey and Biscathorpe
• Encouraging Results from third party activity includes the drilling of UK’s first horizontal shale gas well at Preston New Road in Lancashire by Cuadrilla

Commenting on the results, Philip Stephens, Chairman of Egdon said“ Aftera busy and productive six months, we are confident that we will make further progressin the second half of the year, especially on two important fronts. Firstly, after many setbacks, we hope to be successful in gaining planning permission in order to allow us to develop our conventional oil discovery at Wressle. Secondly, we await the drilling of the first well at Springs Road where we have a carried interest in this significant unconventional prospect in the Gainsborough Trough. Success in these prospects will significantly enhance our future.Whilst challenges no doubt remain, the UK shale business is gaining considerable traction with the completion recently of the first horizontal shale gas well in Lancashire. With an increased level of industry activity due to take place over the coming months, we believe the spotlight will shine more brightly on this exciting space, and Egdon’s sizeable acreage position ensures we represent a compelling vehicle for investors to benefit from the eventual uptick in much needed onshore activity.”An audiocast of the Results Presentation is available to view via the following link with immediate effect: http://vm.buchanan.uk.com/2018/egdon170418/registration.htmView or download Full 2018 EDR Interim Results

Egdon Resources plc (AIM:EDR) advises that its applications to extend to December 2020, the existing planning permissions to drill conventional exploratory oil wells at both the North Kelsey-1 and Biscathorpe-2 site locations were approved at today’s meeting of the Lincolnshire County Council Planning Committee.Commenting on the decisions, Mark Abbott, Managing Director of Egdon Resources plc, said:“We are pleased with today’s decisions to extend the planning permissions as it enables us to progress our drilling plans at both the North Kelsey and Biscathorpe conventional oil prospects. For Biscathorpe-2, following recent farm-outs on this well, we now look forward to drilling this high potential conventional oil prospect with operations commencing around mid-2018. We hope to conclude further farm-out negotiations for North Kelsey-1 shortly enabling drilling to be targeted around the end of 2018 providing a further material near-term catalyst for Egdon”

view or download 3i Infrastructure plc - TR1

Egdon Resources plc (AIM:EDR) announces that Paul Jenkinson is to step down from his role as a non-executive Director of the Company with immediate effect. This follows his resignation from the board of Alkane Energy Ltd (“Alkane”) following its acquisition by Infinis Energy Management Limited. Alkane holds 40,000,000 shares in Egdon Resources plc constituting a 15.39% shareholdingCommenting on Paul’s resignation, Philip Stephens, the Chairman of Egdon Resources said:“On behalf of the Board I would like to offer my thanks to Paul for his contribution to Egdon over the last two years”.

Egdon Resources plc (AIM:EDR) is pleased to announce the acquisition of an additional 5% interest in PEDL180 and PEDL182, which contain the Egdon operated Wressle oil discovery and Broughton North Prospect, from Celtique Energie Petroleum Limited.Under the terms of the agreement Egdon will acquire an additional 5% interest in PEDL180 and PEDL182 from Celtique Energie Petroleum Limited for a deferred cash consideration of £0.417m payable on commencement of production (“First Oil”). The effective date for the transaction is 1 January 2018.Union Jack Oil PLC (“UJO”, AIM: UJO) and Humber Oil & Gas Limited (“Humber”, private) will each also acquire 12.50% in both PEDL180 and PEDL182 from Celtique Energie Petroleum Limited on the same terms under separate deals.Egdon will shortly submit a new planning application for the Wressle development which has the benefit of information from additional site investigation boreholes and two deeper cored boreholes to ensure it addresses in detail the matters highlighted by the Inspector in his Decision Notice to refuse the planning appeals in January 2018. An application to extend the current planning consent for the Wressle site was submitted on 13 April 2018.The transaction is subject to approval from the Oil and Gas Authority. On completion, the interests in PEDL180 and 182 will becomeEgdon Resources U.K. Limited (Operator) 30.00%Europa Oil and Gas plc 30.00%Union Jack Oil Plc 27.50%Humber Oil & Gas Limited 12.50%Mark Abbott, Managing Director of Egdon Resources plc, said:“Today’s transaction underlines our confidence in the quality and deliverability of the Wressle project. We have been able to add to our existing material interest in the licences with the consideration deferred to the point of revenue generation from the Wressle field. The transaction emphasises our strategy to achieve a balanced business comprised of revenue generating conventional assets to complement the high-impact UK unconventional licences within our portfolio.”

Egdon Resources welcomes the Government's support and commitment to our industry as laid out in the Written Ministerial Statement ("WMS") of today from the Department of Business, Energy and Industrial Strategy (BEIS) and the Department for Housing, Communities and Local Government .(DHCLG).The statement itself constitutes a material consideration in planning decisions (i.e. carries weight in law) and reiterates that shale gas development is of national importance. The Government will publish revised planning practice guidance on shale development in the summer. It will also launch two consultations in the period; one that will consider allowing exploration wells to be drilled under permitted development (i.e. without the requirement of a full planning application) and the other to consult on the inclusion of shale production projects into the Nationally Significant Infrastructure Projects regime.The full text of the WMS can be found atwww.parliament.uk/business/publications/written-questions-answers-statements/written-statement/Commons/2018-05-17/HCWS690Commenting Mark Abbott, Managing Director of Egdon Resources plc, said:“Egdon welcomes the Government’s announcement today which emphasised the national importance that shale gas exploration and development has in delivering a safe and secure energy source, whilst meeting the country’s Climate Change obligations. In particular we welcome the measures the Government has introduced on making the planning process “faster and fairer” and providing additional resources to help stretched local authorities.Gas is used to heat more than 80% of the UK’s households and for cooking in more than 60% of the UK's homes. Whilst renewable sources of energy provide a growing share of our electricity, gas still accounts for nearly half. We currently import 50% of our gas needs at a significant financial cost to the UK taxpayer - over £13 million a day - and that figure is set to grow to almost 80% by 2035.The UK’s gas reserves contribute to ensuring the country has a secure, affordable and low carbon energy source.”

Egdon Resources plc (AIM:EDR) is pleased to announce the submission to North Lincolnshire Council (NLC) of a new planning application (the Application) for the development of the Wressle oil field, which the Company believes comprehensively addresses the reasons for the refusal of the original planning applications and the subsequent appeals.

The Application is supported by a detailed planning and sustainability statement, a suite of technical drawings showing construction and layout details and updated and new technical assessments.

The Company believes that the Application takes full account of the key findings of the Planning Inspector's decision to dismiss the Company's appeals as set out in his decision letter of 4 January 2018, which identified three key issues in his decision; the absence of a ground conditions survey report; the absence of sufficient evidence on the adequacy of the Geosynthetic Clay Liner (GCL) covering; and uncertainty with regards to the near surface geology and specifically the presence of capping layers to the underlying aquifers.

The first issue has been addressed by the production of an independent Ground Investigation Report which evaluates and confirms the underlying ground condition at the wellsite using information gained from geotechnical site investigation boreholes drilled in Q1 2018.

The second issue has been addressed through the proposed reconfiguration of the wellsite to install a new high-density polyethylene (HDPE) impermeable membrane above the existing GCL, with additional associated protection layers across the entire wellsite. The specification of the HDPE impermeable membrane, associated protection layers and thickness and suitability of the stone covering layer, has been informed by the Ground Investigation Report, tested and validated in a laboratory, and agreed between the membrane manufacturer and Egdon's consulting civil and structural engineers.

The third issue has been addressed through an updated independent Hydrogeological and Flood Risk Assessment (HRA), which includes the results of samples tested from two deeper cored boreholes drilled in Q1 2018. The HRA confirms the detail of the near surface geology and conclusively demonstrates the presence of laterally continuous capping layers to the underlying aquifers.

Further detail of the Application can be found in the notes to editors below.

Once validated by North Lincolnshire Council, the Application will be reviewed by the Planning Officers at NLC, considered by statutory consultees and will be open for comment from interested parties.  The period of consultation should be 13 weeks for an application of this nature.

Mark Abbott, Managing Director of Egdon Resources plc, said:

"The submission of this new planning application is the culmination of a significant amount of detailed and thorough work by our team of specialist consultants and advisers. The new proposed development has been informed by information from the site investigation and deeper cored boreholes drilled during the first quarter of 2018 and has been designed to comprehensively address the key concerns which resulted in the Inspector's dismissal of our planning appeals. 

The proposed development incorporates high levels of embedded mitigation, such as the new HDPE impermeable membrane system, to minimise the potential for any environmental or other impacts from our operations.  The effectiveness of this mitigation will be verified by continuous monitoring of the nearby water and groundwater.

We plan to set up a community liaison group and a community fund to ensure the local community are kept fully informed and share in the benefits of the Wressle development.

We hope that North Lincolnshire Council will recognise the positive changes made to the proposed development when determining this planning application and we remain available to address any remaining questions or concerns which may arise during the consultation and determination process."   

Notes to Editors:

The Wressle-1 Oil Field:

The Wressle-1 well was drilled in 2014 and tested in 2015. The Wressle-1 well has flowed oil and gas from three separate reservoirs, the Ashover Grit, the Wingfield Flags and the Penistone Flags.  This totalled 710 barrels of oil equivalent per day from all zones.  In September 2016, a Competent Person's Report made independent estimates of Reserves and Contingent and Prospective oil and gas Resources for the Wressle discovery of 2.15 million stock tank barrels classified as discovered (2P+2C).  Further information can be found at our Wressle Oil and Gas Discovery page https://www.egdon-resources.com/home/project-sites/wressle/ 

The New Planning Application:

The new planning application (the Application) seeks permission for the Proposed Development, which comprises:

"Retention of the Wressle-1 Wellsite and access track for the Production of Hydrocarbons, together with an extension of the site by 0.12ha for the installation of additional security facilities; site reconfiguration to facilitate the installation of a new impermeable membrane, French drain and surface water interceptor; construction of a bund, tanker loader plinth and internal roadway system; installation of up to 2 additional groundwater monitoring boreholes and deepening of 3 existing groundwater monitoring boreholes; well operations; installation of production facilities and equipment; installation of gas engine and electrical grid connection; oil and gas production for a temporary period of 15 years; and restoration to arable land at Lodge Farm, Clapp Gate, Appleby, Scunthorpe."

The planning application is accompanied by the following documents:

·       Planning and Sustainability Statement;

·       Planning Application Form;

·       Oil and Gas Checklist;

·       Site Plans and Design Drawings;

·       Technical Assessments comprising:

·      Air Quality Assessment;

·      Archaeology and Heritage Impact Assessment;

·      Civil and Structural Design Statement;

·      Ecological Appraisal;

·      Hydrogeological and Flood Risk Assessment;

·      Landscape and Visual Appraisal;

·      Lighting Assessment;

·      Assessment of Environmental Noise Emissions; and

·      Transport Statement.

Whilst the Inspector supported Egdon's position on many aspects of the previous applications the Inspector identified the following as key issues in his decision to dismiss the Company's appeals as set out in his decision letter of 4 January 2018:

a.             The absence of a ground conditions survey report;

b.             The absence of sufficient evidence on the adequacy of the Geosynthetic Clay Liner (GCL) covering; and

c.             Uncertainty with regards to the near surface geology and specifically the presence of capping layers to the underlying aquifers.

Egdon believes that these issues have been fully addressed in the Application as summarised in the RNS and as detailed further below.

·      A number of geotechnical site investigation boreholes and two deeper cored boreholes were drilled on the Wressle-1 wellsite during Q1 2018. 

·      The nature of the underlying ground condition at the wellsite has been assessed and an independent Ground Investigation Report prepared which details the existing ground conditions at the wellsite, confirming the Company's view of the suitability of the site and satisfying the first of the Inspectors key reasons for dismissal of the appeals.

·      This Ground Investigation Report has been utilised by an independent firm of consulting civil and structural engineers, to prepare a Civil and Structural Design Statement. This document details the design criteria, guidance and regulations applicable to the redesign and reconfiguration of the wellsite as proposed in the Application.

·      The proposed wellsite reconfiguration will result in the installation of a new high-density polyethylene (HDPE) impermeable membrane and additional associated protection layers across the entire wellsite. As part of this, the existing site surface aggregate will be stripped and regraded, before being re-laid on top of the new HDPE impermeable membrane system.

·      The installation specification of the HDPE impermeable membrane, associated protection layers and thickness and suitability of the stone covering layer, has been tested and validated in a laboratory against the maximum expected site loading, and agreed between the manufacturer and Egdon's consulting civil and structural engineers to ensure the HDPE impermeable membrane is protected throughout the life of the wellsite.

·      Although on inspection it was found to be in effective condition, the existing GCL membrane will remain in place but will no longer be relied upon as tertiary containment, as it is being overlaid with the new HDPE impermeable membrane system.

·      A Construction Quality Assurance plan will be used to ensure the installation of the lining system is robust and constructed to the highest engineering standards.

·      A poured reinforced concrete internal roadway will be constructed to provide even greater weight distribution and protection above the HDPE impermeable membrane in the most heavily trafficked area of the site.

·      The installation of a new HDPE impermeable membrane, which has been informed by the ground investigation report and designed and tested by Egdon's consulting civil and structural engineers, in consultation with, and in agreement with the manufacturer, along with other measures as detailed; comprehensively addresses the Inspectors concerns in relation to point b above.

·      In relation to point c., Egdon commissioned an independent Hydrogeological and Flood Risk Assessment (HRA) to address the uncertainty identified by the Inspector with regard to the near surface geology and specifically the presence of capping layers to the underlying aquifers.

·      The HRA defines a hydrogeological conceptual model (HCM) which has utilized regional, local and wellsite specific data, including the drilling of site investigation boreholes and laboratory testing for hydraulic conductivity of core samples from the two deeper cored boreholes drilled in Q1 2018.

·      These cores and tests provide conclusive evidence that demonstrates the existence of a laterally continuous impermeable claystone capping layer above the primary aquifer in the Lincolnshire Limestone Formation beneath the wellsite and more widely.

·      The HCM also demonstrates the presence of a capping layer to the Cornbrash secondary aquifer beneath the wellsite.

·      The HRA concludes that the assessed risks relating to all possible hazards associated with the proposed development, range from 'Low' to 'None'. The overall risk profile for the proposed development is a reflection of the high level of embedded mitigation within the design of the wellsite reconfiguration (as detailed above) and the construction of the existing Wressle-1 well.

·      The HRA confirms the detail of the near surface geology and hydrogeology, supporting the previously presented hydrogeological model and conclusively demonstrating the presence of a capping layer to the underlying aquifers. This together with the conclusions of the risk assessment, in the Company's view, fully addresses the final issue identified by the Inspector.

·      It is also proposed to install up to two new groundwater monitoring boreholes and to deepen three of the existing groundwater monitoring boreholes to verify the effectiveness of the embedded site environmental protection through ongoing monitoring.

Planning history:

On 11 January 2017, North Lincolnshire Council refused planning consent for the original application for the development of the Wressle Oil Field at Lodge Farm, Wressle, North Lincolnshire.

On 7 February 2017, Egdon announced that it would both appeal the decision of 11 January 2017 and in parallel submit a new Planning Application for the Wressle development which would include even more detailed information to address the specific concerns outlined by North Lincolnshire Council in their refusal.

On 11 April 2017, Egdon submitted an appeal against North Lincolnshire Council's decision to refuse planning consent.

On 28 April 2017, Egdon submitted a new application for the Wressle Development including additional detailed information to address the specific concerns raised by North Lincolnshire Council in its 11 January 2017 decision to refuse the original application for the development of the Wressle Oil Field.

On 19 May 2017, Egdon announced the issue by the Environment Agency of the variation to the Mining Waste Permit for the planned Wressle field development and associated operations.

On 3 July 2017, the new planning application was also refused.  The variation of the existing planning for the site requesting a twelve month extension was also refused at the same meeting.

During November 2017, a planning inquiry was held to consider the two appeals for development approval and the appeal of the variation of the existing planning for the site.  On 5 January 2018, we announced that the Inspector had rejected the appeals by Egdon against the two planning refusals by North Lincolnshire County Council's Planning Committee.  However, the Planning Inspectorate did uphold Egdon's appeal against the decision to refuse the application to retain the existing planning for the well site, which is was retained until the 28 April 2018.

A new application to extend the current planning consent was submitted on 13 April 2018 and is awaiting determination.

Egdon Resources plc (AIM:EDR) advises that its application to extend planning consent for the Wressle site to 1 August 2019 was refused at today’s meeting of the North Lincolnshire Council Planning Committee (“the Committee”). The application had been recommended for approval by North Lincolnshire County Council’s planning officers.Mark Abbott, Managing Director of Egdon Resources plc, said:“The decision of the Committee is clearly disappointing given that the application had been recommended for approval by North Lincolnshire Council’s own professional planning officers, that an appeal for a previous refusal of such an application had been successful and that we have recently submitted a new application for the development of the Wressle oil field which we strongly believe comprehensively addresses the reasons for the refusal of the original planning applications and the subsequent appeals. We intend to appeal this decision without delay and will begin preparing documentation on receipt of the Committee’s decision notice.”

Further to the announcement of 5 March 2018 Egdon Resources plc (AIM:EDR) is pleased to announce that it has signed a definitive Farm-out Agreement in respect to interests in PEDL253 to Union Jack Oil PLC (“UJO”, AIM: UJO) and Humber Oil & Gas Limited (“Humber”,private). PEDL253 is located in Lincolnshire and contains the Biscathorpe Prospect, scheduled for drilling around mid-2018.Under the terms already announced, UJO and Humber will each acquire 6% of Egdon’s interest in PEDL253 by paying their pro-rata share of the Biscathorpe-2 well cost plus an additional £10,000 per percentage point interest acquired. This is equivalent to a farm-in with a 1.36 times promote at the estimated well cost. UJO and Humber will also each acquire 4% of Montrose Industries Limited’s interest in PEDL253 under the same terms.The transaction remains subject approval from the Oil and Gas Authority. On completion the interests in PEDL253 will become:Egdon Resources U.K. Limited (Operator)40.80% (29.31% share of well cost*)Montrose Industries Limited. 27.20% (19.54% share of well cost*)Union Jack Oil Plc 22.00% (37.57% share of well cost*)Humber Oil & Gas Limited 10.00 % (13.57% share of well cost*)* at the current estimated well cost

Egdon Resources plc (AIM:EDR) announces that its Interim Results for the six months ended 31 January 2018 will be released on Tuesday, 17 April 2018.An audiocast of the Results Presentation will be available on the Company’s website from 7am GMT on 17 April 2018.

Egdon Resources plc (AIM:EDR) can advise that the Planning Inspectorate has issued its decision in respect of the Wressle Planning Inquiry. The decision made by the Inspector is to reject the appeals by Egdon against the two planning refusals by North Lincolnshire County Council’s Planning Committee in respect of the development of the Wressle oil discovery in licences PEDL180 and PEDL182.However, the Planning Inspectorate has advised that it did uphold Egdon’s appeal against the decision to refuse the application to retain the existing planning for the well site, which is now retained until the 28 April 2018.Mark Abbott Managing Director of Egdon Resources plc, said:“The decision of the Planning Inspectorate is clearly highly disappointing given the strong case presented at the inquiry, the previous positive recommendations of North Lincolnshire County Council’s Planning Officer in respect of the applications and the issue of an Environmental Permit for the proposed development which was determined after an extensive and thorough review of our proposals.The Planning Inspectorate’s decision to uphold our appeal for the extension of the original Wressle exploration well planning consent gives us some time to consider our next steps.We will now take the opportunity to consider in detail the reasons for the refusals as contained in the decision notice and review the options available to us. We will provide a further update in the next few days.”

Egdon Resources plc (AIM:EDR) can advise the forward plan for the Wressle oil field development following the decision made by the Planning Inspector issued on 4 January 2018, to reject the appeals by Egdon against the two planning refusals by North Lincolnshire Council’s Planning Committee.

• Having taken legal and planning advice and having fully considered the specific reasons for rejection of the appeals as set out by the Inspector in his Decision Notice, the Company can advise that it will now:Prepare and submit a new planning application to North Lincolnshire Council seeking its consent for the Wressle oil field development. This application, which will be submitted prior to the expiry of the current planning consent, will address in detail all matters highlighted by the Inspector in his Decision Notice to dismiss the appeals; and

• Prepare and submit a new application to North Lincolnshire Council to extend the current planning consent (which now expires on 28 April 2018 following our successful appeal) to ensure that North Lincolnshire Council has sufficient time for consideration of the new application and to maintain consent for the current site.

We remain fully prepared to take these new planning applications through the appeals process should they be delayed or refused.In addition, we continue to take legal advice in respect of the Decision Notice.Mark Abbott, Managing Director of Egdon Resources plc, said:“Egdon and its joint venture partners remain fully committed to the Wressle project and the proposed new application will address the limited reasons for refusal highlighted by the Inspector. I look forward to updating the market on Wressle in due course.Elsewhere within Egdon’s extensive portfolio, the coming period will see potentially high impact drilling activity at Springs Road, Biscathorpe, Holmwood and possibly North Kelsey, and the results of workovers at Fiskerton Airfield. We are also developing plans for the Keddington, Kirkleatham, Dukes Wood/Kirklington and Waddock Cross fields which will benefit from the improving oil price.”Wressle:The Wressle-1 well was drilled in 2014 and tested in 2015. The Wressle-1 well has flowed oil and gas from three separate reservoirs, the Ashover Grit, the Wingfield Flags and the Penistone Flags. This totalled 710 barrels of oil equivalent per day from all zones. In September 2016 a Competent Person’s Report made independent estimates of Reserves and Contingent and Prospective oil and gas Resources for the Wressle discovery of 2.15 million stock tank barrels classified as discovered (2P+2C). Further information can be found at our Wressle Oil and Gas Discovery page https://www.egdon-resources.com/home/project-sites/wressle/Wressle Planning historyOn 11 January 2017, North Lincolnshire Council refused planning consent for the original application for the development of the Wressle Oil Field at Lodge Farm, Wressle, North Lincolnshire.On 7 February 2017, Egdon announced that it would both appeal the decision of 11 January 2017 and in parallel submit a new Planning Application for the Wressle development which would include even more detailed information to address the specific concerns outlined by North Lincolnshire Council in their refusal.On 11 April 2017, Egdon submitted an appeal against North Lincolnshire Council’s decision to refuse planning consent.On 28 April 2017, Egdon submitted a new application for the Wressle Development including additional detailed information to address the specific concerns raised by North Lincolnshire Council in its 11 January 2017 decision to refuse the original application for the development of the Wressle Oil Field.On 19 May 2017, Egdon announced the issue by the Environment Agency of the variation to the Mining Waste Permit for the planned Wressle field development and associated operations.On 3 July 2017, the new planning application was also refused. The variation of the existing planning for the site requesting a twelve month extension was also refused at the same meeting.During November 2017, a planning inquiry was held to consider the two appeals for development approval and the appeal of the variation of the existing planning for the site. On 5 January 2018, we announced that the Inspector had rejected the appeals by Egdon against the two planning refusals by North Lincolnshire County Council’s Planning Committee. However, the Planning Inspectorate did uphold Egdon’s appeal against the decision to refuse the application to retain the existing planning for the well site, which is now retained until the 28 April 2018.

Egdon notes that the operator Europa Oil & Gas (Holdings) plc, made the following RNS Reach announcement on 19 February 2018 concerning the Holmwood Exploration well where Egdon has an 18.4% carried interest:“Europa Oil & Gas (Holdings) plc, the UK and Ireland focused exploration, development and production company, is pleased to note a draft decision advertisement issued by the Environment Agency on 15 February (http://bit.ly/2C3rPDh ) that it is inclined to award a bespoke environmental permit for drilling and testing the Holmwood exploration well in PEDL 143 at Bury Hill Wood, Coldharbour Lane, Surrey. Further information can be found on the Environment Agency website http://bit.ly/2Eu00ph.A four-week public consultation process runs from 15 February to 15 March. The Environment Agency issued a press release on 16 February regarding the consultation process. For further information, follow this link:  http://bit.ly/2Buoa05 . Hugh Mackay CEO said “We are pleased to have reached this important stage in the environmental permitting process. Whilst we are still in the determination process and a final decision has not been made, it is nonetheless positive that the Environmental Agency is inclined to approve.  We look forward to the outcome of the consultation process and will keep shareholders updated.”"

Egdon Resources plc (AIM:EDR) advises that its application to extend to December 2020, the existing planning permission to drill an exploratory conventional oil well (North Kelsey-1) on farmland off Smithfield Road, North Kelsey, Brigg, Lincolnshire was deferred at today’s meeting of the Lincolnshire County Council Planning Committee. A decision will be taken once the Planning Committee has undertaken a site visit.Commenting on the meeting outcome, Mark Abbott, Managing Director of Egdon Resources plc, said:“Today’s deferral is frustrating given the strong case presented and the positive recommendation of Lincolnshire County Council’s Planning Officer in respect of the application. We will provide an update once we know when Egdon’s application will be heard at Lincolnshire County Council’s Planning Committee Meeting.”

Egdon Resources plc (AIM:EDR) is pleased to announce it has signed a Farm-out Agreement in respect of a further 5% interest in PEDL253 with Humber Oil & Gas Limited (“Humber”, a private company) under the same terms as the farm-out previously announced on 5 and 20 March. PEDL253 is located in Lincolnshire and contains the Biscathorpe Prospect, scheduled for drilling around mid-2018.Humber will acquire a further 5% of Egdon’s interest in PEDL253 by paying their pro-rata share of the Biscathorpe-2 well cost plus an additional £50,000 (£10,000 per percentage point interest acquired). Humber will also acquire an additional 5% from Montrose Industries Limited’s interest in PEDL253 under the same terms.The Biscathorpe Prospect is located on the southern margin of the Humber Basin on trend with, and to the west of, the producing Keddington oil field (Egdon operated).The Biscathorpe-2 well will target a conventional sandstone reservoir of Westphalian (Carboniferous) age in an area of the structure where the sandstone is predicted to thicken away from Biscathorpe-1 (BP, 1987) which found oil in a 1.2 metres thick sandstone. The Mean Gross Prospective Resources at Biscathorpe are estimated by Egdon to be ca. 14 million barrels of oil.The transaction is subject to approval from the Oil and Gas Authority. On completion, the interests in PEDL253 will become:Egdon Resources U.K. Limited (Operator)35.80% (22.53% share of well cost*)Montrose Industries Limited. 22.20% (12.76% share of well cost*)Union Jack Oil Plc 22.00% (37.57% share of well cost*)Humber Oil & Gas Limited 20.00 % (27.14% share of well cost*)* at the current estimated well cost

Egdon Resources plc (AIM:EDR) is pleased to announce that it has reached agreement on Heads of Terms in respect of a farm-out of interests in PEDL253 to Union Jack Oil PLC (“UJO”, AIM: UJO) and Humber Oil & Gas Limited (“Humber”,private). PEDL253 is located in Lincolnshire and contains the Biscathorpe Prospect, scheduled for drilling around mid-2018.Under the agreed terms, UJO and Humber will each acquire 6% of Egdon’s interest in PEDL253 by paying their pro-rata share of the Biscathorpe-2 well cost plus an additional £10,000 per percentage point interest acquired. This is equivalent to a farm-in with a 1.36 times promote at the estimated well cost. UJO and Humber will also each acquire 4% of Montrose Industries Limited’s interest in PEDL253 under the same terms.The Biscathorpe Prospect is located between Lincoln and Louth. It lies on the southern margin of the Humber Basin on trend with, and to the west of, the producing Keddington oil field (14 kilometres, Egdon operated) and the Saltfleetby gas field (20 kilometres).The Biscathorpe-2 well will target a down-dip area of the structure which was tested in a crestal position by the Biscathorpe-1 well drilled in 1987 by BP which found oil in a 1.2 metres thick sandstone of Westphalian (Carboniferous) age. The structure has been mapped using reprocessed 3D seismic data and the sandstone is predicted to thicken to the north and east away from the Biscathorpe-1 well. The Mean Gross Prospective Resources at Biscathorpe are estimated by Egdon to be ca. 14 million barrels of oil and the well has been assessed by the Company as having a 40% chance of success.The transaction is subject to contract and approval from the Oil and Gas Authority. On completion the interests in PEDL253 will become:Egdon Resources U.K. Limited (Operator)40.80% (29.31% share of well cost*)Montrose Industries Limited. 27.20% (19.54% share of well cost*)Union Jack Oil Plc 22.00% (37.57% share of well cost*)Humber Oil & Gas Limited 10.00 % (13.57% share of well cost*)* at the current estimated well costMark Abbott, Managing Director of Egdon Resources plc, said:“We are pleased to have achieved our objective of balancing our financial exposure and technical risk on the near-term Biscathorpe-2 well. We welcome both Humber Oil & Gas as a new partner and UJO’s increased participation in PEDL253. We now look forward to drilling this high potential conventional oil prospect around mid-2018.”

View or Download TR1 notification 

Egdon Resources plc (AIM:EDR) notes the following

• The press release made today by Infinis Energy Services (“Infinis”) (100% owner of Alkane Energy Limited (“Alkane”) confirming the completion of its sale to Petrichor Holdings Coöperatief U.A (“Petrichor”) of 35,870,487 Egdon Ordinary Shares held by Alkane (representing 13.797 per cent. of the issued share capital of the Company) and the placing by VSA Capital (“VSA”) to an institutional investor of a further 4,129,513 Ordinary Shares (representing 1.588 per cent of the issued share capital of the Company);
• The effective price of the transactions was 12.8 pence per ordinary share (representing a 22% premium over the Company’s closing mid-price of 10.5 pence per share on 25 July 2018);
• The TR-1 Notification filed by Infinis confirming it no longer holds an interest in the Company; and

• The TR-1 Notification filed by Petrichor confirming it has acquired further shares in Egdon raising its interest to 29.99 per cent (77,969,448 Ordinary Shares).

Alkane originally acquired its 40,000,000 Ordinary Shares in Egdon in exchange for the sale of its shale exploration acreage to the company which was completed in June 2014. The HEYCO Energy Group Inc (of which Petrichor is a subsidiary) has held shares in the Company since 2009.The issued share capital of Egdon consists of 259,984,822 ordinary shares of 1 pence each with voting rights. No Shares are held in treasury. Therefore, the total number of voting rights in the Company is 259,984,822.Mark Abbott, Managing Director of Egdon Resources plc, said:“This further investment by Petrichor, an existing long-term and supportive shareholder in the Company, and at a significant premium to our current share price, represents a considerable vote of confidence in Egdon’s business model and the potential of our assets.”