2022

Postponement of AGM to 17 January 2023

Egdon Resources plc advises that the Annual General Meeting (“AGM”) of the Company scheduled to be held on Tuesday 13December 2022 at 11.30 a.m. is to be postponed and will now be held on Tuesday17 January 2023 at 11.30 a.m. at the offices of Norton Rose Fulbright,3 More London Riverside, London SE1 2AQ, United Kingdom.

The original notice of the AGM was sent to Shareholders on 17 November 2022. Since then the RMT union has announced a series of 48-hour rail strikes for 13-14 and 16-17 December and 6-7January 2023. The AGM has to be held before the end of January 2023 and your Board believes that it is in the best interests of all stakeholders that this flexibility should be used to postpone the AGM to a date which is, at least at the moment, not scheduled to be affected by any such strike action.

A detailed notice for the postponement and rescheduled AGM, along with a revised Form of Proxy is being sent to members and these documents will be available on the Company’s website at www.egdon-resources.com.

Save for the new date for holding the AGM, the date when the Register of Members will close and the date by which proxies need to be lodged, all details of the earlier notice of 17 November 2022 remain unchanged.

Proxies already submitted will remain valid for the new date of the AGM unless superseded by a new proxy.

The Board regrets any inconvenience caused.

December 2, 2022

2022 Annual Report and Accounts and AGM Documentation

Egdon Resources plc is pleased to announce that its 2022 Annual Report and Accounts and AGM Documentation are now available on its website at www.egdon-resources.com.To access the documents, select Shareholder under the Investors dropdown list or alternatively, use the following link at www.egdon-resources.com/investors-2/shareholder-communication.  

November 22, 2022

Preliminary Results for the year ended 31 July 2022

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 preliminary results for the year ended 31 July 2022.

Operational and Corporate Highlights

Egdon net production during the period increased by 160% to 84,894 barrels of oil equivalent (“boe”) equating to 233 boe per day (“boepd”) (2021: 32,686 boe, 90boepd).

Wressle production has significantly exceeded forecast expectations with average gross production during the period of 656 barrels of oil per day (“bopd”) at rates constrained by the EA Permit limits for gas disposal and with zero water production to date.

The Ceres gas field is providing a late life renaissance due to the high gas price and low operating costs.

Following the refusal of planning permission in November 2021 for the drilling of aside-track well, testing and long-term production at the Biscathorpe project, an appeal was submitted in April 2022.

On 8 March 2022 a revised incentive package was put in place for all employees through the issue of new share options and the cancellation of all historical share options.

On 14 March 2022, planning permission was refused to extend the existing consents to drill the North Kelsey-1 exploration well and an appeal was submitted in April 2022.

On 5 April 2022, the Government announced that it had commissioned the British Geological Survey to advise on the latest scientific evidence around shale-gas extraction.  Report delivered to BEIS on5 July 2022.

During April 2022, Shell advised Egdon of its intention to withdraw from licencesP1929 and P2304, containing the Resolution and Endeavour gas discoveries. Egdon applied to the NSTA for an extension of time to complete the 3D seismic programme.

Egdon has assumed the operatorship of PEDL343, increased its equity to 40% and agreed an extension to 20 March 2024. PEDL343 contains the Cloughton gas discovery.  

LicencesPEDL202 and PEDL130 were relinquished during the period.

Financial Performance

Oil and gas revenues increased by over 530% during the period to £6.91 million (2021: £1.09 million) as a result of significantly increased production and strengthening commodity prices.

Earnings before interest, tax, depreciation, amortisation, asset impairments, impairment reversals and write-downs were £4.67 million (2021: loss of £0.72 million).

Post tax profit for the period of £3.30 million including£1.40 million of impairment reversals, £1.80 million of impairments and £0.15million of write-downs and pre-licence costs (2021: loss of £1.68 million including £0.48 million of write-downs, pre-licence costs and impairments).

Basic earnings per share of 0.64p (2021: loss per share of0.51p). Diluted earnings per share of 0.57p (2021: loss per share of 0.51p).

Net current assets of £4.90 million (31 July 2021: £0.14) of which cash and cash equivalents were £4.80 million (31 July 2021: £1.96million).

The Company has no borrowings following the repayment of a£1 million loan during May 2022.

 

Subsequent Events

On 8 August 2022 the North Kelsey Planning appeal documentation was submitted.

On 8 September 2022 the Government announced the lifting of the moratorium on hydraulic fracturing for shale-gas.

Egdon was advised in October 2022 that the NSTA had consented to Egdon’s request for a twelve-month extension to the P1929 licence obligation to acquire the 3D seismic. Egdon will now engage with the NSTA to confirm the detailed expectation in relation to this and subsequent timelines. Should the 3D survey not be acquired by April 2023, P1929 will determine in May 2023. Licence P2304 will be relinquished.

A hearing was held on 11 October 2022 in relation to the Biscathorpe planning appeal and we now await the Planning Inspector’s decision.

On 27 October 2022 the Government reintroduced the moratorium on hydraulic fracturing for shale-gas.

Coincident with the release of its Preliminary Results, the Company has updated its corporate identity and released a new website (https://www.egdon-resources.com/).

 

Outlook

Post-period-end production and revenues have continued to be strong with unaudited August to October 2022 revenues of £2.07million.

The key operational focus for the coming period will be:

Maintaining and enhancing the strong production performance at Wressle whilst progressing both the gas monetisation and Penistone Flags development as priorities.

To add reserves, production and revenues through the drill-bit in both our exploration and development/re-development projects.

To progress energy storage, hydrogen and renewable generation projects.

 

Audiocast

The Company will host a live audiocast of the Results Presentation via the Investor Meet Company at 10:00am on 8 November. Investors can sign up to Investor Meet Company for free and add to meet EGDON RESOURCESPLC via: https://www.investormeetcompany.com/egdon-resources-plc/register-investor

Commenting on the Results Egdon’s Chairman, Philip Stephens said;

 

“Egdon has been transformed over the past year through growing revenues and with a significantly improved outlook and operating environment.  

The highlight has been the outstanding performance of the Wressle oil field which along with production from our existing fields and high oil and gas prices has resulted in a strong financial performance.

Despite the reintroduction of the moratorium on shale-gas by the Sunak led government, we will continue to make the case for the strategic importance that shale-gas could make to the UK’s economy and security of supply.

In the meantime, Egdon will focus on progressing its conventional oil and gas business and nascent energy transition projects to continue delivering long term value toits shareholders.”

Download and view full announcement:

November 8, 2022

Total Voting Rights

In accordance with the Financial Conduct Authority's Disclosure Guidance and Transparency Rules, at 31 October 2022 the total number of Ordinary shares of 1p of the Company in issue is 543,683,031.The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company, under the Disclosure Guidance and Transparency Rules.The Company does not hold any shares in Treasury.

November 1, 2022

Government Reintroduction of the Moratorium on Shale Gas Extraction

The directors of Egdon Resources plc (AIM:EDR), a UK focused energy company, note yesterdays Written Ministerial Statement (WMS) from the Rt Hon Grant Schapps MP, Secretary of State for theDepartment of Business, Energy and Industrial Strategy, in which he reintroduced the moratorium on hydraulic fracturing for shale-gas.Commenting, Mark Abbott, Managing Director of Egdon Resources plc, said:“This is a highly disappointing and illogical move by the Government, just a few weeks after lifting the moratorium and at a time of an ongoing energy supply and cost crisis. The decision prevents the immediate development of a safe and secure indigenous source of gas and if maintained, locks the UK into long term reliance on more carbon intensive LNG imported from Qatar, the shale-gas fields of the USA and elsewhere.We will continue to make the scientific and commercial case that shale-gas should be part of the long-term solution to the UK’s energy needs and that this can be done in a safe and environmentally sustainable manner whilst delivering material economic and geopolitical benefits for the UK.Our shareholders can take some comfort from the fact that throughout this chaotic period of government, Egdon’s core conventional oil and gas business has continued to generate strong revenues and cash flow and that the fundamentals of the business remain strong.”

October 28, 2022

Notice of Results and Investor Presentation

Egdon Resources plc (AIM:EDR), a UK focused energy company, will announce its preliminary results for the year ended 31 July 2022 on 8 November 2022.AudiocastThe Company will host a live audiocast of the Results Presentation via the Investor Meet Company at 10:00am on 8 November.The presentation is open to all existing and potential shareholders. Questions can be submitted pre-event via the Investor Meet Company dashboard up until 9am the day before the meeting or at any time during the live presentation.Investors can sign up to Investor Meet Company for free and add to meetEGDON RESOURCES PLCvia:https://www.investormeetcompany.com/egdon-resources-plc/register-investorInvestors who already followEGDON RESOURCES PLCon the Investor Meet Company platform will automatically be invited.

October 26, 2022

TR-1 Harbour Energy plc

October 24, 2022

Total Voting Rights

In accordance with the Financial Conduct Authority's Disclosure Guidance and Transparency Rules, at 30 September 2022 the total number of Ordinary shares of 1p of the Company in issue is 543,318,656.The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company, under the Disclosure Guidance and Transparency Rules.The Company does not hold any shares in Treasury.

October 3, 2022

Response to Written Ministerial Statement on Shale Gas Extraction

The directors of Egdon Resources plc (AIM:EDR), a UK focused energy company, welcome the Written Ministerial Statement (WMS) from the Rt Hon Jacob Rees-Mogg MP, Secretary of State for the Department of Business, Energy and Industrial Strategy in which he confirmed the lifting of the moratorium on shale gas extraction and the Government’s commitment to reviewing shale gas policy.Commenting, Mark Abbott, Managing Director of Egdon Resources plc, said:“The WMS is an important first step by the Government in delivering this nationally important resource. We look forward to working positively with Government to develop the right regulatory environment to realise the potential of indigenous shale gas, which in contrast to a growing reliance on imports, could have a positive impact on the UK’s energy security whilst delivering environmental, fiscal and community benefits and thousands of well paid, skilled jobs.”Written Ministerial Statement on Shale Gas Extraction

September 23, 2022

Response to Government Lifting the Shale Gas Moratorium

The directors of Egdon Resources plc (AIM:EDR), a UK focused energy company, welcome today’s announcement by the Prime Minister, Liz Truss, of the lifting of the moratorium on hydraulic fracturing for shale gas which was introduced in November 2019.Commenting on today’s announcement, Mark Abbott, Managing Director of Egdon Resources plc, said:“The lifting of the moratorium is a logical and pragmatic response to the new geopolitical reality and the new Government should be congratulated on the speed and foresight of its action. In contrast to a growing reliance on imports, the development of indigenous shale gas could have a positive impact on energy security, gas prices and the UK’s balance of payments, whilst delivering tax revenues, business rates, community benefits and thousands of well paid, skilled jobs. Importantly shale-gas can also play its part in delivering the goals of Net Zero and the Energy Security Strategy.With Egdon’s material shale-gas position, we now look forward to working positively with Government and local communities to deliver this nationally important resource in a timely fashion.”

September 8, 2022

Submission of North Kelsey Planning Appeal PED241

Egdon Resources (AIM: EDR) is pleased to advise the submission of an appeal against the refusal by Lincolnshire County Council in March 2022 of an extension of time to the existing planning permission for the drilling and testing of a conventional exploration well at the North Kelsey site in PEDL241.Egdon holds a 50% interest and is operator of PEDL241.The appeal documentation has been submitted to the Planning Inspectorate (“PINS”) and the appeal will now be validated by PINS before an inspector is appointed and a timetable defined. The expectation is that the appeal will be decided under the Written Representation Procedure, a process where PINS will consider written evidence from the appellant, the local planning authority and other interested parties.

August 8, 2022

Total Voting Rights

In accordance with the Financial Conduct Authority's Disclosure Guidance and Transparency Rules, at 31 July 2022 the total number of Ordinary shares of 1p of the Company in issue is 525,242,031.The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company, under the Disclosure Guidance and Transparency Rules.

August 1, 2022

Block Listing Application

Egdon Resources plc (AIM:EDR), a UK focused energy company, announces that an application has been made to the London Stock Exchange plc for a block listing of securities in respect of 49,299,000 ordinary shares of £0.01 each (the 'New Ordinary Shares') to be admitted to trading on AIM.The New Ordinary Shares will be issued from time to time in order to satisfy the remaining outstanding warrants which may be exercised. It is expected that admission will become effective on 8 July.The block listing consists of 49,299,000 ordinary shares in respect of the remaining outstanding warrants granted in July 2021 as part of the Company’s £1.44 million fundraise through the issue of 115,228,000 new ordinary shares at a price of 1.25 pence per share. As part of this raise, each two subscription shares were granted a right to subscribe for one new ordinary share at a price of 2.5 pence per share (the “warrants”). The warrants are exercisable at any time until 23 July 2023.For the avoidance of doubt these applications are not applications to list the warrants themselves on any regulated market but merely an administrative measure to ensure that the Company does not need to make multiple applications for admission of ordinary shares to trading on each separate occasion when the existing warrants are exercised by holders. There are no changes to the terms and conditions of the warrants.Following the Block Admission, the Company's issued share capital will remain unchanged at 525,092,031 ordinary shares. The Company will make six-monthly announcements of the utilisation of the Block Admission, in line with its obligations under AIM Rule 29.When issued, the New Ordinary Shares will be credited as fully paid and will rank pari passu in all respects with the existing ordinary shares of £0.01 each in the capital of the Company.

July 4, 2022

Significant Shareholders and Concert Party – Relevant Changes, Waiver by the Takeover Panel, Associated TR-1 Forms

Egdon Resources plc (AIM:EDR) was notified on30 June 2022 that as a result of transactions which took place on 24 June 2022, the shareholdings held by Petrichor Holdings Cooperatief U.A.(”Petrichor”) and other members of the Concert Party have now been transferred to Petrichor Partners LP (“PPL”) as the registered holder of the 237,924,452 Ordinary Shares in Egdon representing 46.04 per cent of the issued ordinary share capital in Egdon. The shareholdings held by members of the Concert Party were transferred to PPL at the Egdon Ordinary Share price at the close of business on 23 June 2022, being 4.35 pence. Under Rule 17 of the AIM Rules for Companies, this change of registered holding represents a “Relevant Change” requiring announcement.The resulting PPL shareholding and percentage holding equates to the shareholding and percentage held by the Concert Party which was announced following the issue of equity and conversion of Convertible Loan Notes in June 2021.A Whitewash was granted by the Takeover Panel in January 2021 when the Convertible Loan Notes were issued to members of the Concert Party on the basis of a fully diluted shareholding of 46.04 per cent.Background on the Concert PartyVSA Capital Limited, the financial adviser and joint broker to Egdon, previously wrote to the Takeover Panel in 17 November 2020 and 24 June 2021 on behalf of Egdon in relation to the Concert Party. The Concert Party is made up of the following members:-Concert PartyNumber of Ordinary Shares in the capital of Egdon (“Ordinary Shares”)% of Issued Share Capital1Petrichor Holdings CoöperatiefU.A. (“PHC”)132,676,24525.67PPL89,679,45417.35Jalapeno Corporations Holding(“Jalapeno”)15,503,1193.00Steven Jackson65,6340.01TOTAL237,924,45246.041 Based on the latest information published by Egdon on 31 January 2022.PHC, a company registered in the Netherlands, is a subsidiary of HEYCO (registered in Delaware, USA). HEYCO owns over 99% of the share capital of PHC, and the remaining less than 1% is owned by Petrichor Partners-Delaware, LP, a limited partnership registered in Delaware, USA. Petrichor Partners-Delaware, LP is directly and wholly owned by HEYCO.HEYCO’s majority shareholder is Explorers Petroleum Corporation of which George Yates is the ultimate controller.PPL is owned by various limited partners and the general partner of PPL is HEYCO International, Inc. (“HINT”), a 100% wholly owned subsidiary of HEYCO.The amended and restated partnership agreement dated 11 June 2021 of PPL entered into between the limited partners (“Partnership Agreement”) gives the general partner the authority to make investment decisions for PPL without the input of the limited partners.Jalapeño’s President is Harvey E Yates Jr, George Yates’ brother.Steven Jackson is a long-time family friend and business associate of the Yates family. Steven Jackson is also a limited partner in PPL and a party to the Partnership Agreement.Takeover PanelPetrichor’s advisers have approached the Takeover Panel (“Panel”) to obtain a waiver from a potential need to make a general offer for all Egdon Ordinary Shares not held by them at the price at which the transfer took place. The basis of this is Note 4 to Rule 9.1 which provides for such relief to be granted, subject to the Panel’s consent, in circumstances where there are transfers between Concert Party members and the result is not to alter the practical effect of the existing arrangements. In this case the general partner will remain Heyco International and the ultimate controller is Heyco, a Delaware corporation.WarrantsIn July 2021 the Company raised £1.44 million through the issue of 115,228,000 new Ordinary Shares at a price of 1.25 pence per share. In addition, each two subscription shares were granted a right to subscribe for one new Ordinary Share at a price of 2.5 pence per share, (a “Warrant”). All members of the Concert Party were subscribers in July 2021 and were accordingly issued with Warrants. At the same time as the transfer of the Concert Party’s ordinary shares to PPL, the Concert Party have transferred their holdings of Warrants to PPL. As a result PPL now holds 26,524,000 Warrants. At the date hereof 49,299,000 Warrants remain outstanding and are exercisable at any time until 23 July 2023.TR-1 Forms follow belowShareholdings in PPLAfter Consolidation Final Shares Allocation % of PPLP Owned General Partner  HEYCO International (HINT)0.00%Limited Partners  HEYCO International (HINT)134,402,51456.49%Jalapeno Corporation15,503,1196.52%Rance Miles21,601,6349.08%Donald DeJong21,601,6349.08%Eris West Trust13,091,8815.50%William Webber13,091,8815.50%George O'Connor9,818,9114.13%Per Juvkam-Wold1,963,7870.83%Lauren Yates1,963,7870.83%King Crow1,546,7010.65%Steven Jackson3,338,6041.40%Total PPLP 237,924,452100.00% Please note that from 22 March 2021, the Standard TR-1 Form should be completed and submitted to the FCA via our Electronic Submission System (ESS) in relation to notifications of voting rights held in issuers whose shares are admitted to trading on UK regulated markets. Holders of voting rights in issuers whose shares are admitted to trading on UK prescribed markets such as AIM market, can continue to use this form to send their notifications to those issuers. Alternatively, if they wish they can register on ESS to be able to notify to us, produce a TR-1 Form via ESS and submit the downloaded version to issuers with shares admitted to trading on  prescribed markets. More information on how to submit a TR-1 Form via ESS is available here  TR-1: Standard form for notification of major holdings NOTIFICATION 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 attached ii:Egdon Resources plc1b. Please indicate if the issuer is a non-UK issuer  (please mark with an “X” if appropriate)2. 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:3. Details of person subject to the notification obligation ivNameJalapeno CorporationCity and country of registered office (if applicable)Nevada, United States of America4. Full name of shareholder(s) (if different from 3.) vNameCity and country of registered office (if applicable)5. Date on which the threshold was crossed or reached vi:June 24, 20226. Date on which issuer notified (DD/MM/YYYY):June 24, 20227. 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 held in issuer (8.A + 8.B) viiResulting situation on the date on which threshold was crossed or reachedLess than 3%Less than 3%Less than 3%Less than 3%Position of previous notification (ifapplicable)3%3%8. 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(DTR5.1)Indirect(DTR5.2.1)Direct(DTR5.1)Indirect(DTR5.2.1)SUBTOTAL 8. ALess than 3%Less than 3%B 1: Financial Instruments according to DTR5.3.1R (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 DTR5.3.1R (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 (please add additional rows as necessary) xivXName 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 threshold 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 completionDallas, Texas, United States of AmericaDate of completionJune 30, 2022     Please note that from 22 March 2021, the Standard TR-1 Form should be completed and submitted to the FCA via our Electronic Submission System (ESS) in relation to notifications of voting rights held in issuers whose shares are admitted to trading on UK regulated markets. Holders of voting rights in issuers whose shares are admitted to trading on UK prescribed markets such as AIM market, can continue to use this form to send their notifications to those issuers. Alternatively, if they wish they can register on ESS to be able to notify to us, produce a TR-1 Form via ESS and submit the downloaded version to issuers with shares admitted to trading on  prescribed markets. More information on how to submit a TR-1 Form via ESS is available here  TR-1: Standard form for notification of major holdings NOTIFICATION 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 attached ii: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:3. Details of person subject to the notification obligation ivNamePetrichor Holdings CooperatiefCity and country of registered office (if applicable)Amsterdam, the Netherlands4. Full name of shareholder(s) (if different from 3.) vNameCity and country of registered office (if applicable)5. Date on which the threshold was crossed or reached vi:June 24, 20226. Date on which issuer notified (DD/MM/YYYY):June 24, 20227. 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 held in issuer (8.A + 8.B) viiResulting situation on the date on which threshold was crossed or reachedLess than 3%Less than 3%Less than 3%Less than 3%Position of previous notification (ifapplicable)25.67%25.67%8. 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(DTR5.1)Indirect(DTR5.2.1)Direct(DTR5.1)Indirect(DTR5.2.1)SUBTOTAL 8. AB 1: Financial Instruments according to DTR5.3.1R (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 DTR5.3.1R (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 (please add additional rows as necessary) xivXName 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 threshold10. 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 xvi Place of completionDallas, Texas, United States of AmericaDate of completionJune 30, 2022 Please note that from 22 March 2021, the Standard TR-1 Form should be completed and submitted to the FCA via our Electronic Submission System (ESS) in relation to notifications of voting rights held in issuers whose shares are admitted to trading on UK regulated markets. Holders of voting rights in issuers whose shares are admitted to trading on UK prescribed markets such as AIM market, can continue to use this form to send their notifications to those issuers. Alternatively, if they wish they can register on ESS to be able to notify to us, produce a TR-1 Form via ESS and submit the downloaded version to issuers with shares admitted to trading on  prescribed markets. More information on how to submit a TR-1 Form via ESS is available here  TR-1: Standard form for notification of major holdings NOTIFICATION 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 attached ii: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:3. Details of person subject to the notification obligation ivNamePetrichor Partners, LPCity and country of registered office (if applicable)Delaware, United States of America4. Full name of shareholder(s) (if different from 3.) vNameCity and country of registered office (if applicable)5. Date on which the threshold was crossed or reached vi:June 24, 20226. Date on which issuer notified (DD/MM/YYYY):June 24, 20227. 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 held in issuer (8.A + 8.B) viiResulting situation on the date on which threshold was crossed or reached46.03%46.03%46.03%Position of previous notification (ifapplicable)17.35%17.35%8. 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(DTR5.1)Indirect(DTR5.2.1)Direct(DTR5.1)Indirect(DTR5.2.1)ordinary237,924,45246.03%SUBTOTAL 8. A237,924,45246.03%B 1: Financial Instruments according to DTR5.3.1R (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 rightsWarrants over Ordinary Shares23 July 2023At any time after26,524,000NilSUBTOTAL 8. B 126,524,000NilB 2: Financial Instruments with similar economic effect according to DTR5.3.1R (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 (please add additional rows as necessary) xivxName 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 thresholdHEYCO International, Inc.55.76%55.76% 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 completionDallas, Texas, United States of AmericaDate of completionJune 30, 2022

July 1, 2022

Exercise of Warrants, Issue of New Shares and Total Voting Rights

Egdon Resources plc (AIM:EDR) has received notice of the exercise of Warrants and can advise the issue of new Ordinary Shares in the Company of 1p each (“Ordinary Shares”) as follows.The WarrantsIn July 2021 the Company raised £1.44 million through the issue of 115,228,000 new Ordinary Shares at a price of 1.25 pence per share. In addition, each two Subscription Shares were granted a right to subscribe for one new Ordinary Share at a price of 2.5 pence per share, (the “Warrant”).Exercise of Warrants and Issue of New Ordinary SharesNumber of Warrants being reported as ExercisedNumber of 1p new Ordinary Shares issuedConsideration Received at 2.5p per share200,000200,000£5,000.00Application for Admission of New Ordinary Shares to AIMAn application has been made to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on the AIM Market of the London Stock Exchange with admission expected to become effective on or around 22 June 2022.The new Ordinary Shares will rank pari passu with the Company’s existing Ordinary Shares in all respects.Outstanding WarrantsFollowing the exercise of the Warrants reported above 49,299,000 Warrants remain outstanding and are exercisable at any time until 23 July 2023.Total Voting RightsFollowing admission of the new Ordinary Shares on or around 22 June 2022 the issued share capital of the Company will be 525,092,031 Ordinary Shares, each with voting rights. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company, under the Disclosure and Transparency Rules.

June 17, 2022

Exercise of Warrants, Issue of New Shares and Total Voting Rights

Egdon Resources plc (AIM:EDR) has received notice of the exercise of Warrants and can advise the issue of new Ordinary Shares in the Company of 1p each (“Ordinary Shares”) as follows.The WarrantsIn July 2021 the Company raised £1.44 million through the issue of 115,228,000 new Ordinary Shares at a price of 1.25 pence per share. In addition, each two Subscription Shares were granted a right to subscribe for one new Ordinary Share at a price of 2.5 pence per share, (the “Warrant”).Exercise of Warrants and Issue of New Ordinary SharesNumber of Warrants being reported as ExercisedNumber of 1p new Ordinary Shares issuedConsideration Received at 2.5p per share500,000500,000£12,500.00Application for Admission of New Ordinary Shares to AIMAn application has been made to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on the AIM Market of the London Stock Exchange with admission expected to become effective on or around 14 June 2022.The new Ordinary Shares will rank pari passu with the Company’s existing Ordinary Shares in all respects.Outstanding WarrantsFollowing the exercise of the Warrants reported above 49,499,000 Warrants remain outstanding and are exercisable at any time until 23 July 2023.Total Voting RightsFollowing admission of the new Ordinary Shares on or around 14 June 2022 the issued share capital of the Company will be 524,892,031 Ordinary Shares, each with voting rights. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company, under the Disclosure and Transparency Rules.

June 8, 2022

Approval of Wressle Field Development Plan

Egdon Resources plc (AIM:EDR), a UK focused energy company, is pleased to advise that the North Sea Transition Authority (“NSTA”) has approved the Field Development Plan for the Wressle oil field in North Lincolnshire, held under licences PEDL180 and PEDL182 (the “Licences”) where Egdon is operator with a 30% interest.The NSTA has also approved the Licences entering their production phase, which will continue through to 2039.Commenting on these positive developments, Mark Abbott, Managing Director of Egdon Resources plc, said:“This is a key milestone for the Wressle project as it transitions from an extended well test to production under an approved field development plan.  Wressle continues to generate high levels of production and revenues.  The Wressle-1 well is currently amongst the most productive in the onshore UK and to date has produced over 170,000  barrels of oil. I am proud of the Egdon team and our contractors for their efforts and determination in achieving this key milestone. My thanks also go to our joint venture partners Union Jack Oil and Europa Oil and Gas, for their support and advice during this process.Our focus now turns to completing the installation of the few remaining permanent production facilities and progressing the planning, permitting and implementation of the gas monetisation plan. This will enable a reduction in gas incineration and remove the limitations on oil production. In parallel we are advancing the development plan and consenting process to enable production from the Penistone Flags reservoir where gross Mid-case Contingent Resources of 1.53 million barrels of oil and 2 billion cubic feet of gas have been independently reported.” 

May 30, 2022

Quarterly Financial Update and Loan Repayment

Egdon Resources plc (AIM:EDR) a UK focused energy company, is pleased to provide an unaudited financial update for the third quarter of the Company’s financial year (February to April 2022) and to advise the repayment of a £1 million loan.Revenues

  • Revenue for the three-month period from February to April 2022 was £2.23 million (2021: £0.31 million and H1 2022: £2.55million).
  • Revenue was primarily from the Wressle and Ceres fields, with average realised oil prices during the period February to April 2022 of $106.67 per barrel of oil (“bbl”) (February to April 2021: $62.43/bbl) and averaged realised gas prices of 217p per therm ($149 per barrel of oil equivalent (“boe”) (February to April 2021: 45p/therm ($44/boe)).

Loan Repayment

  • On 25 May 2022 the £1 million commercial loan facility (the “Loan”) was repaid to Union Jack Oil PLC along with accrued interest as per the agreed terms.

Wressle Deferred Consideration

  • As advised in the Company’s interim results (26 April 2022), during March 2022, Egdon paid the £0.417 million deferred cash consideration for the additional 5% interest in PEDL180 and PEDL182 (Wressle) which was acquired from Celtique Energie Petroleum Limited during June 2018.

Net Current Assets

  • Accounting for repayment of the Loan, on 1 May 2022 the Company held unaudited cash and cash equivalents of £2.73 million (31 January 2022: £2.08 million) and net current assets of £2.76 million (31 January 2022: £1.16 million).

Commenting, Mark Abbott, Managing Director of Egdon Resources plc, said:“I am pleased to report that continuing strong production from Wressle and Ceres coupled with high oil and gas prices have translated into a robust year to date financial performance for Egdon. The material cash flow generated has been transformational, enabling the Company to become debt free and funded for all near-term commitments in parallel with considering further growth opportunities.”

May 26, 2022

Exercise of Warrants, Issue of New Shares and Total Voting Rights

Egdon Resources plc (AIM:EDR) has received notice of the exercise of Warrants and can advise the issue of new Ordinary Shares in the Company of 1p each (“Ordinary Shares”) as follows.The WarrantsIn July 2021 the Company raised £1.44 million through the issue of 115,228,000 new Ordinary Shares at a price of 1.25 pence per share. In addition, each two Subscription Shares were granted a right to subscribe for one new Ordinary Share at a price of 2.5 pence per share, (the “Warrant”).Exercise of Warrants and Issue of New Ordinary SharesNumber of Warrants being reported as ExercisedNumber of 1p new Ordinary Shares issuedConsideration Received at 2.5p per share400,000400,000£10,000.00Application for Admission of New Ordinary Shares to AIMAn application has been made to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on the AIM Market of the London Stock Exchange with admission expected to become effective on or around 31 May 2022.The new Ordinary Shares will rank pari passu with the Company’s existing Ordinary Shares in all respects.Outstanding WarrantsFollowing the exercise of the Warrants reported above 49,999,000 Warrants remain outstanding and are exercisable at any time until 23 July 2023.Total Voting RightsFollowing admission of the new Ordinary Shares on or around 31 May 2022 the issued share capital of the Company will be 524,392,031 Ordinary Shares, each with voting rights. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company, under the Disclosure and Transparency Rules.

May 25, 2022

Exercise of Warrants, Issue of New Shares and Total Voting Rights

Egdon Resources plc (AIM:EDR) has received notice of the exercise of Warrants and can advise the issue of of new Ordinary Shares of 1p each in the Company (“Ordinary Shares”) as follows.The WarrantsIn July 2021 the Company raised £1.44 million through the issue of 115,228,000 new Ordinary Shares at a price of 1.25 pence per share. In addition, each two Subscription Shares were granted a right to subscribe for one new Ordinary Share at a price of 2.5 pence per share, (the “Warrant”).Exercise of Warrants and Issue of New Ordinary SharesNumber of Warrants being reported as ExercisedNumber of 1p new Ordinary Shares issuedConsideration Received at 2.5p per share400,000400,000£10,000.00Application for Admission of New Ordinary Shares to AIMAn application has been made to the London Stock Exchange for the new Ordinary Shares to be admitted to trading on the AIM Market of the London Stock Exchange with admission expected to become effective on or around 10 May 2022.The new Ordinary Shares will rank pari passu with the Company’s existing Ordinary Shares in all respects.Outstanding WarrantsFollowing the exercise of the Warrants reported above 50,399,000 Warrants remain outstanding and are exercisable at any time until 23 July 2023.Total Voting RightsFollowing admission of the new Ordinary Shares on or around 10 May 2022 the issued share capital of the Company will be 523,992,031 Ordinary Shares, each with voting rights. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company, under the Disclosure and Transparency Rules.

May 5, 2022

Withdrawal of Shell from P1929 and P2304

Egdon Resources plc (AIM:EDR) advises that Shell U.K. Limited has informed Egdon and the North Sea Transition Authority (“NSTA”) of its intention to withdraw from licences P1929 and P2304 containing the Resolution and Endeavour gas discoveries.Egdon will now consider its options, including its ongoing commitment to the licences and will discuss this with the NSTA. We will update shareholders once our preferred option and the NSTA position is known.

April 26, 2022

Interim Results - Replacement

The following amendments have been made to the 'Interim Results for the Six Months Ended 31 January 2022’ announcement released on 26 April 2022 at 7:00am under RNS No 2803J.Operational and Corporate Highlights‘Production during the period increased by 116% to 36,714 barrels of oil equivalent (“boe”) equating to 200 boe per day (“boepd”) (H1 2021: 16,928 boe and 92 boepd)’ instead of an increase of 156% to 43,420 boe equating to 205 boepd. This earlier figure having included the production for February 2022 in error.Financial and Statutory InformationThe average realised price per barrel of oil equivalent was 178% higher at $93.81/boe (H1 2021: $33.81/boe)’ instead of an average realised price per boe of 135% higher at $79.32/boe.All other details remain unchanged. The full amended text is shown below.EGDON RESOURCES PLC(“Egdon” or “the Group” or “the Company”)Interim Results for the Six Months Ended 31 January 2022Egdon Resources plc (AIM: EDR), a UK focused energy company, today announces its unaudited results for the six months ended 31 January 2022 (“the period”).Overview and HighlightsOperational and Corporate

  • Production during the period increased by 116%% to 36,714 barrels of oil equivalent (“boe”) equating to 200 boe per day (“boepd”) (H1 2021: 16,928 boe and 92 boepd)
  • Wressle production has significantly exceeded the original 500 barrels of oil per day (“bopd”) expectation and is currently producing at permit constrained rates of 760-800 bopd following upgrades to the production facilities
  • Egdon has assumed the operatorship, increased its equity to 40% and agreed an extension to 20 March 2024 in PEDL343 which contains the Cloughton gas discovery
  • Planning permission was refused for the drilling of a side-track well, testing and long-term production at the Biscathorpe project

Financial Performance

  • Oil and gas revenues increased by 500% during the period to £2.551 million (H1 2021: £0.424 million) as a result of significantly increased production and strengthening commodity prices
  • Profit before impairments/write backs of £0.715 million (H1 2021: loss of £0.763 million)
  • Overall profit for the period of £1.222 million including £0.507 million write-back (H1 2021: loss of £1.039 million including £0.276 million of impairments)
  • Cash and cash equivalents of £2.084 million (H1 2021: £2.422 million and 31 July 2021: £
  • Net current assets as at 31 January 2022 of £1.165 million, which includes UJO debt of £1.07 million and £0.417 million deferred consideration for Wressle (31 January 2021: net current liability of £0.126 million, which includes liability for £0.962 million convertible loan and £0.417 million deferred consideration for Wressle)

Subsequent Events

  • On 10 March 2022 a revised incentive package was put in place for all employees through the issue of new share options and the cancellation of all historical share options
  • On 14 March 2022, planning permission was refused to extend the existing consents to drill the North Kelsey-1 exploration well and will be appealed during H2 2022
  • On 5 April 2022 the Government announced that it had commissioned the British Geological Survey to advise on the latest scientific evidence around shale gas extraction
  • An appeal against the refusal of planning for the Biscathorpe project was submitted on 12 April 2022
  • During April 2022, Shell advised Egdon and the North Sea Transition Authority (“NSTA”) of its intention to withdraw from licences P1929 and P2304, containing the Resolution and Endeavour gas discoveries. Egdon is considering its options, including its ongoing commitment to the licences and will discuss these options with the NSTA.

Outlook

  • Post-period end production and revenues have continued to be strong with February and March revenues of £0.480 million and £0.953 million respectively
  • The Company is funded for all near-term committed activity including the loan repayment of £1.07 million due in May 2022

Our key operational focus for the coming period will be:

  • Continuing to optimise oil and gas production from the Ashover Grit reservoir at Wressle, building on the strong performance to date
  • Progressing gas monetisation at Wressle
  • Finalising plans for development of the material Contingent Resources in the Penistone Flags at Wressle
  • Progressing drilling plans to target incremental oil production / near field exploration opportunities at the Keddington oil field and the field redevelopment at Waddock Cross
  • Securing planning consent via appeal for the Biscathorpe and North Kelsey projects
  • Further developing the Company’s energy transition opportunities including repurposing of the Dukes Wood-1 well for geothermal heat

Online Presentation and audiocastA webcast of the interim results presentation will be available from 07.00 through the following link:https://webcasting.buchanan.uk.com/broadcast/62458a79893940516d342a2aCommenting on the results, Philip Stephens, Chairman of Egdon said;The period has been has been an exceptional one for the Company. Revenues have increased fivefold and this has resulted in a return to profit after the challenges of recent years. Significantly increased commodity prices and increased production have made this possible. The Wressle field continues to exceed our expectations and the Ceres gas field is providing a late life renaissance.       Production continues at a high level and the resultant positive cash flow supported by continuing high commodity prices enables us to be confident that we will be able fully to fund our current plans.”

April 26, 2022

Interim Results for the Six Months Ended 31 January 2022

Egdon Resources plc (AIM: EDR), a UK focused energy company, today announces its unaudited results for the six months ended 31 January 2022 (“the period”).Overview and HighlightsOperational and Corporate

  • Production during the period increased by 156% to 43,420 barrels of oil equivalent (“boe”) equating to 205 boe per day (“boepd”) (H1 2021: 16,928 boe and 92 boepd)
  • Wressle production has significantly exceeded the original 500 barrels of oil per day (“bopd”) expectation and is currently producing at permit constrained rates of 760-800 bopd following upgrades to the production facilities
  • Egdon has assumed the operatorship, increased its equity to 40% and agreed an extension to 20 March 2024 in PEDL343 which contains the Cloughton gas discovery
  • Planning permission was refused for the drilling of a side-track well, testing and long-term production at the Biscathorpe project

Financial Performance

  • Oil and gas revenues increased by 500% during the period to £2.551 million (H1 2021: £0.424 million) as a result of significantly increased production and strengthening commodity prices
  • Profit before impairments/write backs of £0.715 million (H1 2021: loss of £0.763 million)
  • Overall profit for the period of £1.222 million including £0.507 million write-back (H1 2021: loss of £1.039 million including £0.276 million of impairments)
  • Cash and cash equivalents of £2.084 million (H1 2021: £2.422 million and 31 July 2021: £
  • Net current assets as at 31 January 2022 of £1.165 million, which includes UJO debt of £1.07 million and £0.417 million deferred consideration for Wressle (31 January 2021: net current liability of £0.126 million, which includes liability for £0.962 million convertible loan and £0.417 million deferred consideration for Wressle)

Subsequent Events

  • On 10 March 2022 a revised incentive package was put in place for all employees through the issue of new share options and the cancellation of all historical share options
  • On 14 March 2022, planning permission was refused to extend the existing consents to drill the North Kelsey-1 exploration well and will be appealed during H2 2022
  • On 5 April 2022 the Government announced that it had commissioned the British Geological Survey to advise on the latest scientific evidence around shale gas extraction
  • An appeal against the refusal of planning for the Biscathorpe project was submitted on 12 April 2022
  • During April 2022, Shell advised Egdon and the North Sea Transition Authority (“NSTA”) of its intention to withdraw from licences P1929 and P2304, containing the Resolution and Endeavour gas discoveries. Egdon is considering its options, including its ongoing commitment to the licences and will discuss these options with the NSTA.

Outlook

  • Post-period end production and revenues have continued to be strong with February and March revenues of £0.480 million and £0.953 million respectively
  • The Company is funded for all near-term committed activity including the loan repayment of £1.07 million due in May 2022

Our key operational focus for the coming period will be:

  • Continuing to optimise oil and gas production from the Ashover Grit reservoir at Wressle, building on the strong performance to date
  • Progressing gas monetisation at Wressle
  • Finalising plans for development of the material Contingent Resources in the Penistone Flags at Wressle
  • Progressing drilling plans to target incremental oil production / near field exploration opportunities at the Keddington oil field and the field redevelopment at Waddock Cross
  • Securing planning consent via appeal for the Biscathorpe and North Kelsey projects
  • Further developing the Company’s energy transition opportunities including repurposing of the Dukes Wood-1 well for geothermal heat

Online Presentation and audiocastA webcast of the interim results presentation will be available from 07.00 through the following link:https://webcasting.buchanan.uk.com/broadcast/62458a79893940516d342a2aCommenting on the results, Philip Stephens, Chairman of Egdon said;The period has been has been an exceptional one for the Company. Revenues have increased fivefold and this has resulted in a return to profit after the challenges of recent years. Significantly increased commodity prices and increased production have made this possible. The Wressle field continues to exceed our expectations and the Ceres gas field is providing a late life renaissance.       Production continues at a high level and the resultant positive cash flow supported by continuing high commodity prices enables us to be confident that we will be able fully to fund our current plans.”View or Download 2022 Egdon Interim Results

April 26, 2022

Notice of Interim Results

Egdon Resources plc (AIM:EDR) advises that its unaudited interim results for the six months ending 31 January 2022 will be released on Tuesday 26 April 2022.A webcast of the results presentation will be available via the Company website (www.egdon-resources.com) from 07.00 on 26 April 2022.

April 22, 2022

Exercise of Warrants, Issue of New Shares and Total Voting Rights

Egdon Resources plc (AIM:EDR) has received notice of the exercise of Warrants and can advise the issue of new Ordinary Shares in the Company of 1p each (“Ordinary Shares”) as follows.The WarrantsIn July 2021 the Company raised £1.44 million through the issue of 115,228,000 new Ordinary Shares at a price of 1.25 pence per share. In addition, each two Subscription Shares were granted a right to subscribe for one new Ordinary Share at a price of 2.5 pence per share, (the “Warrant”).Exercise of Warrants and Issue of New Ordinary SharesNumber of Warrants being reported as ExercisedNumber of 1p new Ordinary Shares issuedConsideration Received at 2.5p per share6,815,0006,815,000£170,375Application for Admission of New Ordinary Shares to AIMAn application has been made to the London Stock Exchange for the new Ordinary Shares to be admitted to trading on the AIM Market of the London Stock Exchange with admission expected to become effective on or around 20 April 2022.The new Ordinary Shares will rank pari passu with the Company’s existing Ordinary Shares in all respects.Outstanding WarrantsFollowing the exercise of the Warrants reported above 50,799,000 Warrants remain outstanding and are exercisable at any time until 23 July 2023.Total Voting RightsFollowing admission of the new Ordinary Shares on or around 20 April 2022 the issued share capital of the Company will be 523,592,031 Ordinary Shares, each with voting rights. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company, under the Disclosure and Transparency Rules.

April 14, 2022

Submission of Biscathorpe Planning Appeal

Egdon Resources plc (AIM:EDR) is pleased to advise that further to the announcement of 25 January 2022, it has submitted an appeal against the refusal of planning permission by Lincolnshire County Council for a side-track drilling operation, associated testing and long-term oil production at the Biscathorpe site (the “Appeal”), held under licence PEDL253.Egdon is operator of PEDL253 and holds a 35.8% interest in the licence.The appeal documentation was submitted to the Planning Inspectorate (“PINS”) on 12 April 2022. The appeal will now be validated by PINS before an Inspector is appointed and a timetable is defined. The expectation is that the appeal will be decided under the written representations procedure, a process where PINS will consider written evidence from the appellant, the local planning authority and anyone else who has an interest in the appeal.

April 13, 2022

Government Announcement on UK shale

Egdon Resources plc (AIM:EDR) welcomes the Government's announcement of 5 April 2022 of a scientific review of shale gas by the British Geological Survey. The review is to report before the end of June 2022.The full text of the Government's announcement can be found at https://www.gov.uk/government/news/scientific-review-of-shale-gas-launchedEgdon holds a significant portfolio of shale gas licences covering an area of 151,742 net acres (614 square kilometres) with estimated mean volumes of undiscovered gas in place of 37.6 trillion cubic feet. Egdon’s primary focus is the Gainsborough Trough where the results from the 2019 Springs Road-1 well highlighted a potentially world class resource in the Gainsborough Shale.Commenting, Mark Abbott, Managing Director of Egdon Resources plc, said:“This review is a logical and welcome move by the government. Gas heats over 80% of our homes and generates around 40% of our electricity and will continue to be an important part of our energy mix out to 2050 and beyond. UK shale gas could be a strategically important national resource with the potential to reduce the UK’s growing reliance on gas imports, whilst reducing gas prices, improving our balance of payments, increasing tax revenues and creating skilled jobs whilst importantly also reducing the carbon footprint of the gas we all use.”

April 6, 2022

North Kelsey Planning Update

Egdon Resources plc (AIM:EDR) advises that its application to extend the existing planning permission to drill the North Kelsey-1 exploration well was refused at today’s meeting of the Lincolnshire County Council Planning Committee.Commenting on the decision, Mark Abbott, Managing Director of Egdon Resources plc, said:“The decision of the Planning Committee is disappointing given the clear current need for the UK to secure further indigenous supplies of energy to reduce its reliance on imports, the compelling case presented and the positive recommendation of Lincolnshire County Council’s Planning Officer. Given this, we will bring forward an appeal against this decision without delay and will provide further updates in due course.”

March 14, 2022

Grant of Options

Grant of OptionsEgdon Resources plc (AIM:EDR) announces that as part of a periodic incentive review and also to compensate salary reductions taken between March 2020 and December 2022, it has granted options to the following Directors and cancelled all existing options awards.DirectorNumber of Options grantedExercise Price (pence)Vesting DateExercisable UntilMark Abbott4,444,4442.25p8 March 20237 March 2033Martin Durham3,555,5562.25p8 March 20237 March 2033The options were set at an exercise price of 2.25p being the average closing mid-price on 7 March 2022Following the grant of the options on 8 March 2022, the interests of the Directors in the share capital of the Company are as follows:DirectorTotal number of Options held over Ordinary SharesTotal number of Warrants held over Ordinary SharesNumber of Ordinary Shares heldMark Abbott4,444,444800,0009,689,387Martin Durham3,555,556100,000200,000 In addition, the Company has granted options to employees on the same basis as Directors. The total number of options granted to Directors and employees of the Company is 17,500,000 (Representing 3.39 % of the Company’s issued share capital).The total number of options granted to Directors and employees of the Company that were cancelled was 9,675,122 (Representing 1.87 % of the Company’s issued share capital).The information set out below is in accordance with the requirements of Article 19(3) of the EU Market Abuse Regulation No 596/2014.1.Details of the person discharging managerial responsibilities/person closely associateda)NameMark Abbott2.Reason for the notificationa)Position / statusManaging Directorb)Initial notification / amendmentInitial Notification3.Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitora)NameEgdon Resources plcb)LEI213800WWGH4S9GYSPL774.Details of the transaction(s)section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducteda)Description of the financial instrument, type of instrumentOrdinary Shares of 1 pence per share valueIdentification codeGB00B28YML29b)Nature of the transactionGrant of Optionsc)Price(s) and volume(s)Price(s)Volume(s)2.25 pence4,444,444d)Aggregated information— Aggregated volume4,444,444 Ordinary Shares of 1 pence per share value— Price112.25 pence per sharee)Date of the transaction8 March 2022f)Place of the transactionOutside a trading venue1.Details of the person discharging managerial responsibilities/person closely associateda)NameMartin Durham2.Reason for the notificationa)Position / statusTechnical Directorb)Initial notification / amendmentInitial Notification3.Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitora)NameEgdon Resources plcb)LEI213800WWGH4S9GYSPL774.Details of the transaction(s)section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducteda)Description of the financial instrument, type of instrumentOrdinary Shares of 1 pence per share valueIdentification codeGB00B28YML29b)Nature of the transactionGrant of Optionsc)Price(s) and volume(s)Price(s)Volume(s)2.25 pence3,555,556d)Aggregated information— Aggregated volume3,555,556 Ordinary Shares of 1 pence per share value— Price112.25 pence per sharee)Date of the transaction8 March 2022f)Place of the transactionOutside a trading venue1.Details of the person discharging managerial responsibilities/person closely associateda)NameMark Abbott2.Reason for the notificationa)Position / statusManaging Directorb)Initial notification / amendmentCancellation of options3.Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitora)NameEgdon Resources plcb)LEI213800WWGH4S9GYSPL774.Details of the transaction(s)section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducteda)Description of the financial instrument, type of instrumentOrdinary Shares of 1 pence per share valueIdentification codeGB00B28YML29b)Nature of the transactionCancellation of optionsc)Price(s) and volume(s)Price(s)Volume(s)10.00 pence600,00020.62 pence363,7259.70 pence979,3817.85 pence1,210,191d)Aggregated information— Aggregated volume3,153,297 Ordinary Shares of 1 pence per share value— Price1110.31 pence per sharee)Date of the transaction8 March 2022f)Place of the transactionOutside a trading venue1.Details of the person discharging managerial responsibilities/person closely associateda)NameMartin Durham2.Reason for the notificationa)Position / statusTechnical Directorb)Initial notification / amendmentCancellation of options3.Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitora)NameEgdon Resources plcb)LEI213800WWGH4S9GYSPL774.Details of the transaction(s)section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducteda)Description of the financial instrument, type of instrumentOrdinary Shares of 1 pence per share valueIdentification codeGB00B28YML29b)Nature of the transactionCancellation of optionsc)Price(s) and volume(s)Price(s)Volume(s)22.75 pence659,3419.70 pence773,1967.85 pence955,414d)Aggregated information— Aggregated volume2,387,951 Ordinary Shares of 1 pence per share value— Price1112.56 pence per sharee)Date of the transaction8 March 2022f)Place of the transactionOutside a trading venue

March 10, 2022

TR-1

January 31, 2022

Biscathorpe Planning Appeal Update

Egdon Resources plc (AIM:EDR) is pleased to advise its intention to submit an appeal against the refusal of planning permission by Lincolnshire County Council (LCC) on 1 November 2021, for a side-track drilling operation, associated testing and long-term oil production at the Biscathorpe site, held under licence PEDL253. Egdon is operator and holds a 35.8% interest in the licence.The decision has been made after reviewing LCC’s Decision Notice, which was received on 6 December 2021, taking advice from our planning and legal advisors and agreement with our joint venture partners.The appeal documentation is currently in preparation and is expected to be submitted during Q1 2022.

January 25, 2022

Wressle – Results of Downhole Pressure Data Analysis

Egdon Resources plc (AIM:EDR) a UK-based exploration and production company primarily focused on the hydrocarbon-producing basins of onshore UK, is pleased to provide a summary of the results of the analysis of the downhole hole pressure data acquired in the Wressle-1 well during December 2021. The interpretation was carried out by ERCE, an independent energy consultancy, on behalf of the Wressle joint venture partners.Egdon holds a 30% interest and is operator of the field.Highlights

  • The results demonstrate the significant potential of the Wressle-1 well and the production rates that could be achieved once the surface facilities are optimised and a gas utilisation scheme is in place
  • Based on the current reservoir pressure and a flowing tubing head pressure of 400 pounds per square inch gauge (“psig”), ERCE estimates that a rate of 1,216 barrels of oil per day (“bopd”) would be achievable, whilst maintaining a flowing bottom hole pressure above the oil saturation pressure (“bubble point”)
  • At 300 psig flowing tubing head pressure, ERCE estimates the well could flow at a rate of 1,543 bopd whilst at the oil bubble point
  • ERCE estimates a reservoir permeability of 80 millidarcies, and the analysis also confirmed the effectiveness of the proppant squeeze in reducing the skin factor from 107 to 0.2. (The skin factor is an estimate of the impairment to flow within the reservoir caused during drilling, completion or the original testing operations.)

Mark Abbott, Managing Director of Egdon, commented:“The conclusions of this work clearly demonstrate the significant potential of the Wressle-1 well and the possible production rates that can be achieved from the Ashover Grit reservoir interval. “We continue to work to realise the full commercial potential of the Wressle field. This will be achieved through optimising the production facilities, progressing options for gas monetisation and advancing the development plan for production from the Wingfield Flags and Penistone Flags reservoirs. In the meantime, the asset continues to generate material cash flow that has transformed the Company’s financial outlook. I look forward to making further announcements in respect of progress in due course”.

January 19, 2022

Results of Annual General Meeting

Egdon Resources plc (AIM: EDR) is pleased to announce that at the Annual General Meeting held at 11.30 hours today all the resolutions proposed in the notice of the meeting were duly passed.View or Download Voting Results and Proxy AppointmentsA business update presentation was made immediately following the AGM and is now available on the Company’s website www.egdon-resources.com

December 16, 2021

Pre-AGM Financial and Operational Update

Egdon Resources plc (AIM:EDR) a UK-based exploration and production company primarily focused on the hydrocarbon-producing basins of onshore UK, is pleased to provide the following Financial and Operational Update ahead of its Annual General Meeting. The meeting will be held at the offices of Norton Rose Fulbright, 3 More London Riverside, London, SE1 2AQ at 11.30 am today.Revenues

  • Unaudited revenue for the three-month period from August to October 2021 was £1.085 million (2020: £0.173 million)
  • Revenue was primarily from Wressle and Ceres, and was despite Wressle only recommencing flow on 19 August and the Ceres field being shut-in for annual maintenance for 20 days during September
  • This is expected to translate into a step change in revenues and cash flow for the Company for the current financial year, with full-year revenue from the Company’s 2020/21 financial year (£1.09 million) matched after the first quarter of the current year (August to October)

Wressle PEDL180/182 (Egdon 30%):

  • The Wressle-1 well has continued to exceed our expectations since the successful completion of the proppant squeeze and subsequent coiled tubing operations on the 19 August 2021.
  • Works have been completed to upgrade the gas incineration system
  • Despite being flowed under a highly restricted choke (20/64 inch), whilst upgrade works are ongoing, Wressle produced at an average rate of 666 barrels of oil per day (bopd) (c. 200 bopd net to Egdon) plus 368,000 cubic feet of gas over the last 7 days period (727 barrels of oil equivalent per day)
  • No formation water has been produced to date
  • A secondary separator system has been designed and manufactured and is expected to be installed before year end to optimise gas/oil separation
  • Early 2022 will see completion of testing of the full potential of the well
  • Decisions will be made early in 2022 on the plateau production rate, to match with the longer-term operational objectives and prudent reservoir management of this important asset
  • Downhole pressure data has been acquired and is currently being interpreted to further inform these decisions
  • The focus in 2022 will move to progressing the optimal method of gas monetisation and finalising plans for the development of other hydrocarbon bearing sequences to access the identified contingent resources, with particular focus on the Penistone Flags reservoir

Ceres P1241 (Egdon 10%):

  • The Ceres Gas Field is undergoing a late-life renaissance for the Company
  • Gas realisations averaged 195p/therm in October and November 2021 (an equivalent of $157/boe)
  • Given the low operating costs, strong gas market fundamentals and forward curve we believe the field could remain profitable for some years to come

Biscathorpe PEDL253 (Egdon 35.8%):

  • On 1 November 2021, the planning application for a side-track drilling operation, associated testing and long-term oil production at the Biscathorpe site, was refused by Lincolnshire County Council (LCC), despite being recommended for approval by the Council's planning officers
  • The formal decision notice was issued on 6 December and we are currently reviewing in detail the reasons for refusal with our planning and legal advisors and considering our options which is likely to lead to an appeal

North Kelsey PEDL241 (Egdon 50%):

  • Planning applications were submitted to LCC in early December to extend the existing planning consents by twelve months and amend the proposed bottom hole target location for the planned North Kelsey well
  • The applications have now been validated and the consultation period has begun
  • Subject to receipt of planning consent this well could be drilled later in 2022

Keddington PEDL005R (Egdon 45%):

  • A detailed sub-surface review of the Keddington oil fieldand the surrounding licence area has highlighted an opportunity to increase production via a new development side-track well for which planning consent is already in place 
  • Reservoir engineering work has been completed by ERCE and has confirmed a target area in the south-east of the field which would add 85,000 to 120,000 barrels of recoverable oil
  • Well specific reservoir modelling and detailed well planning will be completed in the coming period with a view to being in a position to drill the side-track well during 2022
  • Additional near-field exploration opportunities have been identified at Keddington South, (gross Mean Prospective Resources of 635,000 barrels of oil) and the Louth Prospect (gross Mean Prospective Resources of 600,000 barrels of oil) which could be accessed from the existing production site in due course

Waddock Cross PL090 (Egdon 55%)

  • Reservoir modelling has shown that a new horizontal well on the field could yield commercial oil production (500-800 bopd)
  • Given the large in-place oil volume (Mean oil in place of c. 57 million barrels of oil) Waddock Cross has been high graded as planning consent and facilities are in place to test this significant opportunity
  • Well design and surface facilities design work has been completed
  • Further detailed design and costings are in preparation to support a potential JV investment decision during 2022 to drill a side-track well and reinstate production

Mark Abbott, Managing Director of Egdon, commented:“Strong production performance and high oil and gas prices are combining to provide the Company with material operating cashflows which strengthens the balance sheet and will support our planned 2022 investment programme.”

December 16, 2021

Preliminary Results for the Year Ended 31 July 2021

Preliminary Results for the Year Ended 31 July 2021Egdon Resources plc (AIM: EDR), a UK-based exploration and production company primarily focused on the hydrocarbon-producing basins of onshore UK, today announces its preliminary results for the year ended 31 July 2021.Operational and Corporate Highlights

  • Completion of site reconfiguration, facilities installation and well recompletion at the Wressle oil field, with test production ongoing since late January 2021 and the proppant squeeze operation successfully completed in July 2021
  • Production during the period was 90 barrels of oil equivalent per day (“boepd”) (2020: 145 boepd) against guidance of 110-130 boepd due to delays in undertaking the proppant squeeze at Wressle
  • Planning application submitted for a side-track drilling operation, associated testing and long-term oil production at the Biscathorpe-2 well site 
  • Entered a memorandum of understanding with Creative Geothermal Solutions Limited (“CGS”) in respect of geothermal projects with an initial focus on Egdon’s Dukes Wood-1 and Kirklington-3Z wells
  • Completion of the farm-outs for the Resolution and Endeavour gas discoveries (P1929 and P2304) to Shell Oil U.K. Limited
  • Continued refocussing and streamlining of the licence portfolio

Financial Performance

  • Gross oil and gas revenues during the year increased by 13.4% to £1.09 million (2020: £0.96 million).
  • Loss for the year ended 31 July 2021 of £1.68 million after write-downs, pre-licence costs and impairments of £0.48 million (2020: loss of £4.75 million after write-downs, pre-licence costs and impairments of £3.03 million)
  • Basic loss per share of 0.51p (2020: 1.53p)
  • Cash at bank £1.96 million as at 31 July 2021 (2020: £0.85 million)
  • Net assets as at 31 July 2021 of £27.42 million (2020: £26.67 million)
  • Refinancing of the business via a £1 million loan facility, the issue of £1.05 million convertible loan notes following shareholder approval at a General Meeting held on 22 January 2021, and an equity placing of £1.44 million gross in July 2021

Subsequent Events

  • At Wressle, a coiled tubing operation, a follow-up to the proppant squeeze operation, was completed in August 2021, with test production recommencing and flow rates exceeding pre-operational expectations. During September, we reported facility constrained instantaneous flow rates of up to 884 barrels of oil per day (“bopd”) along with 480,000 cubic feet of gas (c. 80 barrels of oil equivalent per day).  Wressle is already having a positive impact on the Group’s revenues.
  • In September 2021 we were advised by Shell that the planned 3-D seismic survey across UK offshore licences P1929 and P2304 (Resolution and Endeavour gas discoveries respectively (Egdon 30%)) would not proceed on the originally expected timeframe of February 2022. Subject to regulatory and Shell approval, we now anticipate that this could go ahead in February 2023.
  • On 1 November 2021 planning permission was refused for the Biscathorpe project. The Company will await the formal decision notice before taking advice and considering our options including an appeal.

Outlook

  • Initial production guidance for 2021-22 is 240 boepd, with Wressle being the significant contributor.
  • With the material cash flow expected from Wressle and Ceres in a significantly improved commodity price environment, and the breadth and quality of the opportunities within the portfolio, we look forward with confidence.

AudiocastAn audiocast of the Results Presentation will be available to view via the following link from 09.30:http://webcasting.buchanan.uk.com/broadcast/61767494df7b150b81e93816Commenting on the Results Egdon’s Chairman, Philip Stephens said; “During what has been a challenging period as we continue to navigate the COVID pandemic and its macro-economic impacts, I can report that we have continued to make progress against our revised strategy and the business is in a significantly stronger place than a year ago. We have strengthened our financial position and are now operating in a higher commodity price environment as worldwide demand recovers.  Operationally the highlight is undoubtedly Wressle, where production has significantly exceeded our expectations and the material revenues from this asset will transform the cash flow for the business in the current period and beyond, providing optionality for near-term growth opportunities in line with our stated strategy.”View or download Egdon Resources 2021 Preliminary Results

November 3, 2021

Biscathorpe Planning Consent Refused

Egdon Resources plc (AIM:EDR) advises that its planning application for a side-track drilling operation, associated testing and long-term oil production at the Biscathorpe site, was refused at today’s meeting of the Lincolnshire County Council Planning Committee.The application had been recommended for approval by Lincolnshire County Council’s planning officers.We will await the formal decision notice before taking advice and considering our options including an appeal.

November 1, 2021

Operational Update

Operational UpdateEgdon Resources plc (AIM: EDR, "Egdon"), an established exploration and production company focused on the hydrocarbon-producing basins of the onshore UK, provides an update on operations across its portfolio.Key Highlights:

  • Initial production from Wressle-1 surpassing expectation at 884 barrels of oil per day (“bopd”) and 480,000 cubic feet of gas per day on a restricted choke with no formation water seen.
  • Plans to reduce production constraints and define plateau rate at Wressle-1.
  • Planning application for the side-track drilling, testing and production at Biscathorpe to be heard in November.
  • Shell U.K. Limited advises that the 3D seismic survey over the Resolution and Endeavour gas discoveries has been delayed beyond February 2022.
  • Detailed well design, facilities specification, and commercial modelling nearing completion for the phased redevelopment of the shut-in Waddock Cross oil field with a Final Investment Decision expected to be made by the end of 2021, which could lead to further drilling activity during 2022.
  • Detailed reservoir engineering work underway at Keddington to support target selection for a side-track development well, which could be drilled in 2022 and access gross Mean Contingent Resources of 567,000 barrels of oil which remain to be produced.
  • A programme to plug and abandon the existing Dukes Wood-1 oil well and recomplete this for geothermal heat production has been developed and will shortly be submitted to the HSE.

Wressle PEDL180 & PEDL182 (Egdon 30%):The Wressle-1 well has continued to exceed production expectations since the successful completion of the coiled tubing operations on the 19 August 2021. To date, instantaneous flow rates in excess of 884 barrels of oil per day (“bopd”) along with 480,000 cubic feet of gas (c. 80 barrels of oil equivalent per day) have been achieved from the Ashover Grit on a significantly restricted choke setting (30.5/64ths) and with a high flowing wellhead pressure. Thus far, no formation water has been seen as the well continues to clean up.Even with the excellent flow rates seen to date, the full flow potential of the well remains to be fully tested due to constraints being experienced with the gas handling equipment.The forward plan is to remove these constraints to production and complete the testing of the well’s potential before defining a plateau production rate matching the well behaviour to the installed facilities, long term operational objectives and prudent reservoir management.We can also advise that we have now received the revision to the Environmental Permit, enabling the installation of a combustion plant to facilitate gas to electric generation and a new potential revenue stream.Since being returned to production on 19 August the well has generated revenues in excess of £300,000 for Egdon.Biscathorpe PEDL253 (Egdon 35.8%):We now expect the planning application for the side-track drilling, testing and production at Biscathorpe to be heard at a meeting of Lincolnshire County Council’s planning committee during November.Subject to planning the Biscathorpe side-track will target the Dinantian Carbonate, where a 68 metre oil column was discovered in Biscathorpe-2, with gross Mean Prospective Resources of 2.55 million barrels of oil (mmbo), and the Basal Westphalian Sandstone, where gross Mean Prospective Resources of 3.95 mmbo have been estimated by Egdon.P1929 & P2304 Resolution and Endeavour (Egdon 30%):Egdon has been advised by licence operator, Shell U.K. Limited, that the 3D seismic survey planned for February 2022, over the Resolution and Endeavour gas discoveries, will not proceed on the original expected timeline. Shell will consult with the OGA to discuss the delay to the survey and we will provide a further update once these discussions have progressed.A Competent Person’s Report (Schlumberger Oilfield UK PLC) has reported gross Mean Contingent Resources of 231 billion cubic feet (“bcf”) of gas attributable to the Resolution discovery with Egdon estimating that the Endeavour discovery contains gross Mean Contingent Resources of 18 bcf of gas. Waddock Cross PL090 (Egdon 55%):Third party work is currently ongoing to finalise the well design, facilities specification, and commercial modelling for the phased redevelopment of the shut-in Waddock Cross oil field in Wessex Basin licence PL090. Independent reservoir modelling has shown that a new horizontal well on the field could yield commercial oil production (500-800 bopd). Given the large in- place oil volume (Mean oil in place of c. 57 million barrels of oil) this asset has been high graded by the Company as planning consent and facilities are in place to test this significant opportunity.A final investment decision is expected to be made by the end of 2021 which could lead to further drilling activity during 2022.Keddington PEDL005R (Egdon 45%):As previously reported, a detailed sub-surface review of the Keddington oil field and the surrounding licence area has highlighted that gross Mean Contingent Resources of 567,000 barrels of oil remain to be produced. This presents an opportunity to increase production via a development well for which planning is already in place.Detailed reservoir engineering work is currently being undertaken by ERCE to support the final target selection for a side-track development well, which could be drilled in 2022.In addition, a near-field exploration opportunity exists at Keddington South, (gross Mean Prospective Resources of 635,000 barrels of oil) and the Louth Prospect (gross Mean Prospective Resources of 600,000 barrels of oil).Geothermal:A programme to plug and abandon the existing Dukes Wood-1 oil well and recomplete this for geothermal heat production has been developed for Egdon by Creative Geothermal Solutions Limited and will shortly be submitted to the HSE. It is anticipated that subject to regulatory approval, this work will commence during Q1 2022.Mark Abbott, Managing Director of Egdon, commented:"The Wressle well test operations continue to exceed our expectations with instantaneous rates of over 950 barrels of oil equivalent per day achieved so far.  The well has already begun to yield a material revenue stream which will transform the financial position of Egdon in the coming period.  This production rate means that Wressle is currently the second biggest field in terms of daily production in the onshore UK after Wytch Farm, and we are confident that the well has more to give in the coming period.We await confirmation from Shell regarding next steps for the Resolution 3D seismic, and we remain optimistic about the long-term potential of this long-burner project for Egdon.  Elsewhere in our portfolio, we are making good progress with several nearer-term projects capable of adding further production, revenues and value to the business.  We are pleased to see activity gaining momentum across the portfolio and look forward to an active year ahead. I am also pleased with progress in our nascent geothermal business with plans being advanced for repurposing of the Dukes Wood-1 well and wider opportunities being considered.”

September 21, 2021

Wressle Achieves 500 bopd

Egdon Resources plc (AIM: EDR, "Egdon"), an established exploration and production company focused on the hydrocarbon-producing basins of the onshore UK, is pleased to provide an update on operations at its Wressle Oil Field Development (“Wressle”) located in North Lincolnshire, covered by Licences PEDL180 and PEDL182 and where the Company holds a 30% operated interest.Egdon is pleased to advise that the coiled tubing operation has been completed safely and successfully and the Ashover Grit reservoir has been returned to flow, under extended well testing operations. The well flow is continuing to clean-up and has not yet reached its full potential. The measured flow rates have exceeded 500 barrels of oil per day under a restricted choke setting, which was the forecast rate following the proppant squeeze operation.We will provide a further update once stabilised flow rates are established in the coming weeks.Mark Abbott, Managing Director of Egdon, commented:"I am delighted to advise that the proppant squeeze operation has been successful in enabling the Wressle well to deliver the target production rate of 500 barrels of oil per day. Oil production will be optimised whilst the Ashover Grit reservoir continues to clean-up.  With this additional 150 barrels of oil per day net to Egdon and the current strong oil price, Wressle will have a transformational impact on Egdon’s near-term cash flow.Considerable upside remains in the additional reservoirs at Wressle and in adjacent prospects and we expect Wressle to be an important asset for Egdon for a number of years to come.I would like to take this opportunity to thank all of Egdon’s contractors who have contributed so effectively to delivering this milestone event for the Wressle joint venture.”

August 24, 2021

Wressle Operational Update

Egdon Resources plc (AIM: EDR, "Egdon"), an established exploration and production company focused on the hydrocarbon-producing basins of the onshore UK, is pleased to provide an update on operations at its Wressle Oil Field Development (“Wressle”) located in North Lincolnshire, covered by Licences PEDL180 and PEDL182 and where the Company holds a 30% operated interest.Egdon is pleased to advise that the proppant squeeze operation on the Ashover Grit reservoir interval in the Wressle-1 well has been completed safely and successfully. A total of 146 cubic metres of gelled fluid with 17.3 tonnes of ceramic proppant were injected into the Ashover Grit formation in line with the authorised programme. The injection operations lasted a total of only 1 hour and 30 minutes over a two-day period.There were no health, safety, environmental or security issues experienced during the operations; and as predicted, real time monitoring confirmed there was no induced seismicity and that the noise levels were well within the permitted limits. The operation was subject to a pre-operational inspection by the Health and Safety Executive and active monitoring by the Environment Agency. Ground and surface water monitoring has continued in accordance with the requirements of the Environmental Permit.All equipment and personnel associated with the operation have now demobilised from site.The Wressle well will now be subject to a coiled tubing operation to fully clean out the production tubing prior to bringing the well back into production through the site’s permanent production facilities. Based on the implemented programme, pre-operational simulation modelling concluded that the proppant squeeze operation would result in constrained flow rates of 500 barrels of oil per day (gross). Once the well is brought back into production, we will provide a further update to report on the stabilised flow rates achieved from the proppant squeeze.Mark Abbott, Managing Director of Egdon, commented:"I am pleased to report on the safe and successful completion of the proppant squeeze operations at Wressle.  I would like to thank our team of contractors and staff for the highly professional way in which the operations were undertaken with no adverse impact on the environment or the amenity of our neighbours.I now look forward to the well being placed back on production and reporting on the positive impact of the operation on future oil production from the site in the coming weeks.”

July 29, 2021

Results of General Meeting

Egdon Resources plc (AIM: EDR) is pleased to announce that at the General Meeting held at 10.00 hours today Shareholders approved all the resolutions proposed in the notice of general meeting sent to Shareholders on 1st July 2021. Capitalised terms not defined in this announcement shall have the meaning ascribed to them in the notice of meeting.

  • Resolution 1, was an ordinary resolution to grant the directors authority to allot Second Tranche Shares, with 01% voting in favour and 0.99% voting against;
  • Resolution 2, was an ordinary resolution to grant the directors authority to allot shares pursuant to the exercise of Warrants, with 01% voting in favour and 0.99% voting against, and;
  • Resolution 3, was proposed as a special resolution, to disapply pre-emption rights as set out in the notice of the meeting, with 99.07% voting in favour and 93% voting against.

View or Download GM Results

July 20, 2021

Biscathorpe Carbon Intensity Study and Planning Update

Egdon Resources plc (AIM: EDR, "Egdon"), an established UK-based exploration and production company focused on the hydrocarbon-producing basins of the UK, is pleased to advise the positive results of a Carbon Intensity study carried out on the Biscathorpe project covered by Licence PEDL253 where the Company holds a 35.80% operated interest.The study was conducted on behalf of the PEDL253 Joint Venture by Gaffney, Cline & Associates Limited (“GaffneyCline”), an international energy consultancy. GaffneyCline’s study delivered the following conclusions:

  • The Biscathorpe project as currently envisaged has an AA rating for Carbon Intensity for its potential long-term production of oil using GaffneyCline’s own rating system
  • The Carbon Intensity for the Biscathorpe project is significantly lower than the current UK average and compared with other onshore analogues
  • Once in production, GaffneyCline estimates that the Biscathorpe project will have a Carbon Intensity of just 3.06 grams of Carbon Dioxide equivalent per mega joule (gCO2Eq/MJ)
  • Potential exists to improve the Carbon Intensity to 1.49gCO2Eq/MJ through adoption of gas to grid optimisation

The Carbon Intensity of the Biscathorpe project was estimated by GaffneyCline as a conceptual field development using the Oil Production Greenhouse Gas Emissions Estimator (OPGEE) developed at Stanford University. This was supplemented by reference to GaffneyCline’s proprietary Global field database together with Biscathorpe specific field development assumptions. The results of the study were benchmarked against other development analogues in GaffneyCline’s proprietary database. The study also provided recommendations that could have a further impact on reducing emissions sources (Figure 1).Table 1: Biscathorpe Project Carbon Intensity Rating (Source: GaffneyCline, July 2021)Carbon Intensity Range (gCO2 Eq/MJ)CurrentPotentialAA≤53.061.49A5 - 7B7 - 11C11 - 20D20 - 30E30 - 50F50 - 70GOver 70Egdon can also advise that additional documentation was submitted to Lincolnshire County Council in early July in response to a Regulation 25 notice arising from the initial consultation on the planning application for the Biscathorpe project. This information will now be subject to a period of consultation before the planning application goes before the Planning Committee, currently anticipated to be in September/October 2021.Mark Abbott, Managing Director of Egdon, commented:"The results of GaffneyCline’s independent modelling provides strong evidence that a future development at Biscathorpe could achieve a low carbon intensity rating (AA).  The Climate Change Committee has acknowledged that the UK will still be using fossil fuels up to and beyond the UK’s Net Zero carbon emissions target of 2050. It follows that the production of fossil fuels should be from that which generates the lowest emissions footprint, which, like Biscathorpe, are indigenous UK sources.I am also pleased to confirm the submission of additional information in support of our planning application for the Biscathorpe project. This is expected to be considered by the Planning Committee later in 2021. Biscathorpe represents a material and financially robust opportunity to secure an indigenous oil resource which would generate local and regional economic benefits and have environmental benefits through its lower carbon footprint when compared to imported oil.”

July 19, 2021

Conditional Equity Fundraising of approximately £1.44 million

Conditional Equity Fundraising of approximately £1.44 million, Issue of Warrants, Exercise of Convertible Loan Notes and Notice of General Meeting Egdon Resources plc (AIM: EDR, "Egdon"), an established UK-based exploration and production company focused on onshore exploration and production in the hydrocarbon-producing basins of the UK, is pleased to announce that it has conditionally raised approximately £1.44 million before costs via a subscription for new ordinary shares of 1 pence each in the Company (the "Subscription Shares"). It also announces that the holders of the Convertible Loan Notes have exercised their right to convert into new ordinary shares of 1 pence in the Company (the “Conversion Shares”) (together the “New Ordinary Shares”).FundraisingThe Company has conditionally raised approximately £1.44 million (the "Subscription") through the issue of 115,228,000 Subscription Shares at a price of 1.25 pence per share (the "Issue Price"). The Issue Price represents a 16.67 per cent. discount to the closing price (of 1.50 pence) of the existing ordinary shares of 1 pence each (“Ordinary Shares”) on Tuesday 29 June 2021, the last trading day prior to this announcement. In addition, each Subscription Share will be granted a right to subscribe for 0.5 of a new Ordinary Share at a price of 2.5 pence per share, exercisable at any time until the date of the second anniversary of their issue (“Warrant”).Highlights

  • Subscription for 115,228,000 new Ordinary Shares at an issue price of 1.25 pence per Subscription Share to raise gross proceeds of £1.44 million
  • Subscription for £663,100 at 1.25 pence per Subscription Share by the Concert Party to maintain its percentage shareholding
  • The net proceeds of the fundraising receivable by the Company will be used primarily to:
  • Provide additional operational funding once the Wressle Field Development Plan receives regulatory approval;
  • Provide funding for Licence fees and costs of the offshore Resolution and Endeavour gas discoveries;
  • Provide funding in support of Egdon’s nascent geothermal projects;
  • Provide working capital for continued business development; and
  • The redemption at par of the Company’s 50,000 £1 redeemable preference shares.
  • Certain Directors, including Mark Abbott (Managing Director), have participated in the Subscription

Mark Abbott, Managing Director of Egdon, commented:"We are very pleased by the level of support from both existing and new investors for this Subscription. The funds raised will enable Egdon to strengthen its liquidity position and provide additional funding of ongoing core projects.  We are pleased with the continuing support of Petrichor and the Concert Party and also welcome Shard Capital as a new cornerstone shareholder."Conversion of Convertible Loan NotesEgdon has also received notice from the holders of the £1.05 million Convertible Loan Notes of the conversion of all outstanding Convertible Loan Notes at the Conversion Price of 1.55 pence per Ordinary Share. Conversion of the Convertible Loan Notes (including the capitalisation of interest which has accrued on the Convertible Loan Notes) will result in the issue to Petrichor Partners of a maximum of 69,684,386 Ordinary Shares and the issue to Jalapeño of a maximum of 3,549,020 Ordinary Shares (together, the “Conversion Shares”), increasing the total interest of the Concert Party to a maximum of 184,876,452 Ordinary Shares, representing 46.04 per cent. of the Company’s enlarged ordinary share capital following the issue of the Conversion Shares.The issue of the Conversion Shares was the subject of a Whitewash procedure granted by the Panel on Takeovers and Mergers in January 2021 as previously announced.Application for Admission of New Ordinary Shares to AIMAn application will be made to the London Stock Exchange for the Conversion Shares and for the First Tranche Shares to be admitted to trading on the AIM Market of the London Stock Exchange and it is expected that admission of the Conversion Shares and the First Tranche Shares will become effective on or around Friday 9 July 2021.An application will be made to the London Stock Exchange for the Second Tranche Shares to be admitted to trading on the AIM Market of the London Stock Exchange following the General Meeting to be held on Tuesday 20 July 2021 and it is expected that admission of the Second Tranche Shares will become effective on or around Wednesday 21 July 2021.The Subscription Shares and Conversion Shares will rank pari passu with the Company’s existing Ordinary Shares in all respects.Concert PartyThe Concert Party comprises HEYCO Energy Group, Inc. HEYCO International Inc., Petrichor Holdings Coöperatief U.A, Jalapeño Corporation and Petrichor Partners, LP (and its limited partners).Following admission of the Conversion Shares and the First Tranche Shares, the Concert Party will hold in aggregate 226,241,452 Ordinary Shares (representing 46.04 per cent. of the enlarged share capital).Following admission of the Second Tranche Shares, the Concert Party will hold in aggregate 237,924,452 Ordinary Shares (representing 46.04 per cent. of the enlarged share capital).Related Party TransactionsAs the Concert Party is currently interested in more than 10 per cent. of the issued ordinary share capital of the Company, the subscription for £663,100 of the Subscription Shares is a related party transaction for the purposes of Rule 13 of the AIM Rules for Companies.Mark Abbott is a Director of the Company will be subscribing for £20,000 of new Ordinary Shares.Martin Durham is a Director of the Company will be subscribing for £2,500 of new Ordinary Shares.The participation in the Subscription by the Concert Party, Mark Abbott and Martin Durham constitutes related party transactions under the AIM Rules for Companies.The Directors of the Company (with the exclusion of Mark Abbott and Martin Durham), having consulted with the Company’s nominated adviser, WH Ireland Limited, consider the terms of the Subscription to be fair and reasonable insofar as the Company’s shareholders are concerned.General MeetingSince the Company does not currently have sufficient authority to allot all of the Subscription Shares, they will be issued in two tranches. The first tranche will be issued on Wednesday 7 July 2021 and will comprise 89,845,000 Subscription Shares (“First Tranche Shares”). The second tranche, to be issued on passing of the resolutions at the General Meeting, will comprise 25,383,000 Subscription Shares (“Second Tranche Shares”).A General Meeting is required to approve the issue of the Second Tranche Shares and to provide the Company sufficient authorities for the issue of Ordinary Shares arising from the exercise of the Warrants. The General Meeting is to be held at 10.00 a.m. on Tuesday 20 July 2021. A Notice of General Meeting will be sent to shareholders on or around the date of this announcement.The Company notes the guidance issued by the UK government restricting social gatherings in view of the ongoing COVID-19 pandemic and the fact that, if such guidance remains in place on the date of the General Meeting, as seems likely, shareholders will be prohibited from attending the General Meeting. Given the current guidance the Company requests that shareholders do not attend the General Meeting but instead appoint the chairman of the General Meeting as a proxy to ensure their vote is recognised and provide voting instructions in advance of the General Meeting. Other named proxies will not be allowed to attend the General Meeting and their votes will not be counted.Total Voting RightsThe current issued share capital of the Company is 328,315,625 Ordinary Shares, each with voting rights. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company, under the Disclosure and Transparency Rules.Following admission of the Conversion Shares and First Tranche Shares on or around Friday 9 July 2021, the Company's enlarged issued share capital will comprise 491,394,031 Ordinary Shares, each with voting rights.Following admission of the Second Tranche Shares on or around Wednesday 21 July 2021, the Company's enlarged issued share capital will comprise 516,777,031 Ordinary Shares, each with voting rights.This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 ("MAR"). In addition, market soundings (as defined in MAR) were taken in respect of the Subscription with the result that certain persons became aware of inside information (as defined in MAR), as permitted by MAR.  This inside information is set out in this Announcement.  Therefore, those persons that received inside information in a market sounding are no longer in possession of such inside information relating to the Company and its securities.View or Download Proxy FormView or Download Notice of General Meeting

June 30, 2021

Wressle Update

Egdon Resources plc (AIM: EDR, "Egdon"), an established UK-based exploration and production company focused on onshore exploration and production in the hydrocarbon-producing basins of the UK, wishes to provide an update on the planned proppant squeeze operation at its Wressle Oil Field Development (“Wressle”) located in North Lincolnshire, covered by Licences PEDL180 and PEDL182 where the Company holds a 30% operated interestEgdon has been advised by its contractor, Schlumberger Oilfield UK Plc, that the proppant squeeze operations at Wressle have been pushed back by two to four weeks. The revised date is due to the contractor’s equipment being held on a job over-run in continental Europe. This is compounded by tighter import legislation and visa requirements which are beyond Egdon, and the contractor’s control. The contractor has provided assurance to Egdon that its amended timeline will be adhered to. Mark Abbott, Managing Director of Egdon, commented:"Whilst delays are a function of current business dislocations, we do not regard this as a material event in terms of ongoing progress at Wressle. We are confident that operations will soon be underway, and I look forward to updating the market in due course”.

June 29, 2021

Wressle Update - Oil Storage Consent

Egdon Resources plc (AIM: EDR, “Egdon”) is pleased to advise that it has received consent from North Lincolnshire Council for the storage of crude oil under the Planning (Hazardous Substances) Regulations 1992 at its Wressle Oil Field Development (“Wressle”) located in North Lincolnshire, covered by Licences PEDL180 and PEDL182 where the Company holds a 30% operated interest.This consent allows full use of the installed oil storage capacity at the site of approximately 2000 barrels and will enable the full production to be realised following from the proppant squeeze, which is expected to increase overall production to 500 barrels of oil per day (150 barrels net to Egdon). Commenting on the news Mark Abbott, Managing Director of Egdon Resources said;“We are pleased to have received this final consent, which will allow the full production potential of Wressle to be realised following the proppant squeeze operation which is planned to be undertaken during June 2021.”

May 26, 2021

Wressle Development Update

Egdon Resources plc (AIM: EDR, “Egdon”) is pleased to advise that it has received all necessary consents for the commencement of the proppant squeeze operation at the Wressle Oil Field Development (“Wressle”) located in North Lincolnshire Licences PEDL180 and PEDL182 where the Company holds a 30% operated interest.The proppant squeeze operation is expected to optimise oil production from the Ashover Grit reservoir, one of the three productive reservoirs tested, to a constrained gross rate of 500 barrels of oil per day (150 bopd net to Egdon).The operation is expected to be completed and optimum oil production achieved during June 2021.The Wressle-1 well has been on 24 hour test production since late January with produced oil transported by road tanker to the Phillips 66 Humber refinery and sold under Egdon’s existing oil sales contract.Production rates have continued to increase and have exceeded our expectations with high quality free flowing oil being produced and no water present. All data confirms the independent prediction that over 500 bopd will be achievable following the proppant squeeze. The well will continue operating on test production until the proppant squeeze operation is undertaken.Commenting on the news Mark Abbott, Managing Director of Egdon Resources said;“We are delighted to have received all the required regulatory consents for the proppant squeeze operation at Wressle. When successfully completed, this will realise the full potential from the Ashover Grit reservoir and is expected to increase Egdon’s net production to 150 bopd at a time of increasingly strong oil prices leading to a step change in our cash flow.”

May 18, 2021

Interim Results for the Six Months Ended 31 January 2021

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 unaudited results for the six months ended 31 January 2021 (“the period”).Overview and HighlightsOperational and Corporate

  • Production during the period was 92 barrels of oil equivalent per day (“boepd”) (H1 2020: 178 boepd) in-line with guidance of 90-100 boepd
  • Completion of the farm-outs for the Resolution and Endeavour gas discoveries (P1929 and P2304) to Shell Oil U.K. Limited
  • Deferral of the Resolution 3-D seismic survey to February 2022
  • Planning consent extended to 31 December 2021 for the drilling of North Kelsey-1 (PEDL241)
  • PEDL143 Licence was relinquished
  • Commencement of free-flow test production at Wressle following safe and successful operations to recomplete and reperforate the Ashover Grit reservoir interval

Financial Performance

  • Oil and gas revenues during the period of £0.424 million (H1 2020: £0.675 million) as a result of declining production and weaker prices
  • Loss of £0.763 million (H1 2020: £1.044 million) before impairments
  • Overall loss for the period of £1.039 million including £0.276 million of impairments (H1 2020: loss of £3.235 million, £2.191 of impairments)
  • Cash and cash equivalents of £2.422 million (H1 2020: £0.781 million)
  • Net current liabilities as at 31 January 2021 of £0.126 million, which includes liability for £0.962 million convertible loan (H1 2020: £Nil) and £0.417 million deferred consideration for Wressle (H1 2020: net current assets of £0.370 million; including liability for Wressle deferred consideration of £0.417 million)
  • Net Assets at 31 January 2021 of £25.658 million (H1 2020: £27.812 million)
  • £1 million loan facility secured with Union Jack Oil plc
  • £1.051 million convertible loan notes issued following approval at a General Meeting in January 2021

Subsequent Events

  • On 26 February 2021, Egdon submitted a planning application for a side-track drilling operation, associated testing and long-term oil production at the Biscathorpe-2 well site 
  • On 23 April 2021, a memorandum of understanding was executed with Creative Geothermal Solutions Limited (“CGS”) to progress geothermal projects within Egdon’s existing portfolio and to look at wider opportunities

Outlook

  • Production guidance for the full year of 110-130 boepd.(2020: 145 boepd)

Our key operational focus for the coming period will be:

  • Progressing the proppant squeeze at the Wressle oil field to attain target production of 150 boepd net to Egdon
  • Securing planning consent for the Biscathrope-2Z side-track, testing and long-term production
  • Progressing a farm-out of North Kelsey-1 and Biscathorpe-2Z with a view to drilling during 2021-22
  • Progressing the acquisition of the planned 3-D seismic survey over the Resolution and Endeavour gas discoveries in February 2022
  • Progressing drilling plans to target incremental oil production / near field exploration opportunities at the Keddington oil field and field redevelopment at Waddock Cross
  • Developing a detailed plan for geothermal repurposing of either or both of the Dukes Wood and Kirklington wells.
  • Subject to lifting of the current moratorium on hydraulic fracturing operations for shale-gas, progressing plans for further testing of our extensive Gainsborough Trough unconventional resources assets

Online PresentationThe Interim Results and Business Update presentation is available on the Egdon website: www.egdon-resources.comCommenting on the results, Philip Stephens, Chairman of Egdon said;The most significant event during the period was the completion of site and recompletion works and commencement of oil flows at Wressle. We continue to await consent to proceed with the proppant squeeze in order to bring production up to the expected level of 500 bopd which will have a meaningful impact on our production and cash flow.  Additionally during the period, the Company completed refinancing arrangements providing working capital to pursue our key objectives.  We continue to proactively screen new low carbon Energy Transition opportunities, and are pleased to have announced an initial MoU to explore the possibilities for geothermal repurposing of some of our existing assets.    We look forward to pursuing our revised strategy in the context of an improving operating backdrop compared to the last 12 months.”View or Download Jan 2021 Interim ResultsView or Download 2021 Interim Results Presentation and Business Update

April 27, 2021

Notice of Results

Egdon Resources plc (AIM: EDR, “Egdon”) can advise that the Interim Results of the Company for the six months ended 31 January 2021 will be issued on Tuesday 27 April 2021.A results presentation and business update will be available via the Company’s website.

April 21, 2021

Preliminary Results for the Year Ended 31 July 2021

March 3, 2021

Biscathorpe Project - Submission of Planning Application

Egdon Resources plc (AIM: EDR, “Egdon”) is pleased to provide an update on the Biscathorpe Project (“Biscathorpe”) in Lincolnshire Licence PEDL253 where the Company holds a 35.80% operated interest.Further to our announcement of 10 November 2020, Egdon is pleased to advise that on 26 February 2021 it has submitted an application to Lincolnshire County Council (“LCC”) as the Mineral Planning Authority, for planning permission for a side-track drilling operation, associated testing and long-term oil production at the Biscathorpe-2 Wellsite, High Street, Biscathorpe, Louth, Lincolnshire. As the proposed development was screened by LCC as being EIA development, the application was accompanied by an Environmental Statement.The planning application will now be validated before LCC commences consultation on the proposals.Subject to receipt of planning and other consents, the Biscathorpe-2Z side-track conventional appraisal well could potentially be drilled in H2 2021 and would target the Dinantian Carbonate and Basal Westphalian Sandstone reservoirs.Commenting, Mark Abbott, Managing Director of Egdon Resources plc, said:“We are pleased to confirm submission of a thorough and robust planning application, completed within the expected timeframe despite the challenges of the current operating environment.  We thank our advisors and consultants for their thorough and professional work and look forward to updating stakeholders as the planning consultation progresses.Biscathorpe represents a material and financially robust opportunity to secure an indigenous oil resource which would generate local and regional economic benefits and have a lower carbon footprint when compared to imported oil.”

March 1, 2021

Results of Annual General Meeting

Egdon Resources plc (AIM: EDR) is pleased to announce that at the Annual General Meeting held at 11.30 hours today all the resolutions proposed in the notice of the meeting were duly passed.View or dowload Result of General Meeting

February 5, 2021

Wressle Oil Field: Commencement of Oil Flow

Egdon Resources plc (AIM: EDR, “Egdon”) is pleased to provide an update on operations at the Wressle Oil Field Development (“Wressle”) located in North Lincolnshire Licences PEDL180 and PEDL182 where the Company holds a 30% operated interest.Operations to recomplete the well and reperforate the Ashover Grit reservoir interval have been completed safely and successfully as per the previously advised schedule.Following the reperforation and its successful communication with the Ashover Grit reservoir interval free-flow of oil has commenced and the well has been placed on continuous 24 hour test production. The well is currently in the normal clean-up phase as the well is carefully brought on-stream.The Company will provide a further detailed update when flow rates have stabilised on completion of clean-up.Produced oil from Wressle will be transported by road tanker to the Phillips 66 Humber refinery and sold under Egdon’s existing oil sales contract.Recent photographs and video footage of the Wressle site can be found on Egdon’s Twitter feed @EgdonResources.

February 1, 2021

Results of General Meeting

Egdon Resources plc (AIM: EDR) is pleased to announce that at the General Meeting held at 10.00 hours today Shareholders approved all the resolutions proposed in the notice of general meeting contained in the Circular sent to Shareholders dated 6 January 2021.View or download Result of General Meeting full press release

January 22, 2021

Wressle Operations Update

Egdon Resources plc (AIM: EDR, “Egdon”) provides an update on progress to first oil at the Wressle Oil Field Development (“Wressle”). Wressle is located in North Lincolnshire Licences PEDL180 and PEDL182 where the Company holds a 30% operated interest.Egdon can report that the workover rig and associated services and equipment were successfully mobilised to site during the week commencing 4 January 2021 and that operations to recomplete and reperforate the well have commenced. Operations are expected to be completed to enable the Ashover Grit reservoir to be flowed prior to the end of January 2021 as previously advised.The Ashover Grit reservoir is expected to produce at a constrained rate of 500 barrels of oil per day (“bopd”) increasing Egdon’s production by 150 bopd when fully on stream.Recent photographs and video footage of the Wressle site can be found on Egdon’s Twitter feed @EgdonResources.

January 11, 2021

Resolution 3D Survey Update

Egdon Resources plc (AIM: EDR, “Egdon”) provides an update on the timing of the 3D seismic survey over the Resolution gas discovery in offshore licences P1929 and P2304.Shell Oil U.K. Limited (“Shell”), the operator of offshore licences P1929 and P2304, has advised Egdon that the marine 3D seismic survey, planned over the Resolution and Endeavour gas discoveries is now anticipated to be acquired in February 2022 rather than Q1 2021. This follows the results of a revised environmental impact assessment and extensive stakeholder engagement in respect of the planned survey. This work concluded that the commercial impact on local fishing businesses, along with potential impacts on marine mammalian movements, breeding season for sea birds and tourism, meant that the optimum time window to successfully acquire seismic data in 2021 was during February, not March/April as originally anticipated. Unfortunately, it was not possible to finalise all of the required agreements in respect of managing the fishing vessels operating in the survey area within the timeframe necessary to enable the survey to take place in February 2021.As such, and subject to the OGA consenting to an amendment to the licence obligations, it is now intended to undertake the survey in February 2022, to enable all agreements with commercial and other stakeholders to be finalised well in advance of the planned survey.

January 6, 2021

Subscription by Petrichor Partners LP (“Petrichor Partners”) and Jalapeño Corporation (“Jalapeño”) for £1,051,035 Convertible Loan Notes

Egdon Resources plc (AIM: EDR, "Egdon") is pleased to announce that it has entered into subscription agreements with Petrichor Partners and Jalapeño (the “Subscription Agreements”), subject to certain terms and conditions, to raise gross proceeds of approximately £1.05 million through the issue of convertible loan notes (the “Convertible Loan Notes”) in order to fund ongoing exploration and development projects.The capitalised terms in this announcement shall have the meaning ascribed to them in the definitions section contained in Appendix 2 of this announcement.Petrichor Partners and Jalapeño may, at any time when any of the Convertible Loan Notes are outstanding, convert such outstanding amount into Ordinary Shares in the Company at a price of 1.55 pence per Ordinary Share (the “Conversion Price”) following the issue of the Convertible Loan Notes. Subject to Petrichor Partners and Jalapeño not exercising their option to convert the amount outstanding into Conversion Shares during the 12 months following the issue of the Convertible Loan Notes, they will be redeemed by the Company 12 months following their issue.The general partner of Petrichor Partners is HEYCO International Inc (“HINT”), a subsidiary of HEYCO Energy Group Inc (“HEYCO”). HEYCO, through its wholly-owned subsidiary Petrichor Holdings Coöperatief U.A. (“Petrichor”), together with its Connected Persons and other persons acting in concert with it and as described more fully in Part III of the Circular, is currently interested in 111,643,046 Ordinary Shares, representing 34.01 per cent. of the Existing Ordinary Shares.Based on the assumptions set out in Appendix 3 of this announcement, the Directors expect that the conversion of the Convertible Loan Notes (including the capitalisation of any interest which will accrue on the Convertible Loan Notes) would result in the issue to Petrichor Partners of a maximum of 69,684,386 Ordinary Shares and the issue to Jalapeño of a maximum of 3,549,020 Ordinary Shares (together, the “Conversion Shares”), increasing the total interest of the Concert Party to a maximum of 184,876,452 Ordinary Shares, representing 46.04 per cent. of the Company’s Enlarged Ordinary Share Capital (assuming no options issued by the Company or other securities convertible or exchangeable into Ordinary Shares are exercised other than those held by members of the Concert Party and that the Company does not issue any other Ordinary Shares), and the Concert Party would therefore be interested in Ordinary Shares carrying 30 per cent. or more of the Company’s voting share capital but not hold Ordinary Shares carrying more than 50 per cent. of more of such voting rights.As Petrichor is currently interested in more than 10 per cent. of the issued ordinary share capital of the Company, the subscription for the Convertible Loan Notes is a related party transaction for the purposes of Rule 13 of the AIM Rules for Companies. For the purposes of the AIM Rules for Companies, the Directors of the Company, having consulted with the Company’s nominated adviser, WH Ireland, consider that the terms of the transaction are fair and reasonable so far as its Shareholders are concerned.The Takeover Panel (the “Panel”) has agreed, however, to waive the obligation for the Concert Party to make a general offer ("Rule 9Waiver") that would otherwise arise as a result of the issue of the Convertible Loan Note Shares to the Concert Party, subject to the approval, on a poll, of the Independent Shareholders (the “Whitewash Resolution”). Accordingly, the Whitewash Resolution is being proposed at the General Meeting and will be taken on a poll at the General Meeting, notice of which is set out in the Circular to be distributed to Shareholders on or around the date of this Announcement. The General Meeting is to be held at the offices of Egdon Resources plc at The Wheat House, 98 High Street, Odiham, Hampshire RG29 1LP at 10.00 a.m. on 22 January 2021.The Company notes the guidance issued by the UK government restricting social gatherings in view of the ongoing COVID-19 pandemic and the fact that, if such guidance remains in place on the date of the General Meeting, as seems likely, shareholders will be prohibited from attending the General Meeting. Given the current guidance the Company requests that shareholders do not attend the General Meeting but instead appoint the chairman of the General Meeting as a proxy to ensure their vote is recognised and provide voting instructions in advance of the General Meeting. Other named proxies will not be allowed to attend the General Meeting and their votes will not be countedMark Abbott, Managing Director, commented: “This is a major endorsement from HEYCO and strong confirmation of the belief of HEYCO and its management in the longer-term prospects for Egdon. The funds raised by the issue of the Convertible Loan Notes will significantly strengthen the Company’s financial position and allow it, together with existing cash, to fund ongoing exploration and development projects such as the development of the Wressle oil field, planning for the Biscathorpe-2 side-track well and preparation for the acquisition of 3D seismic over the Resolution Prospect and for additional working capital to maintain and develop the assets and opportunity base of the business.”View or Download Full AnnouncementView Documentation

January 6, 2021

Preliminary Results for the Year Ended 31 July 2020

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 preliminary results for the year ended 31 July 2020.Operational and Corporate Highlights

  • Production during the year was 145 boepd (2019: 182 boepd) ahead of guidance of 130-140 boepd
  • Planning permission was granted for the Wressle development on appeal on 17 January 2020 following a public inquiry in November 2019. Full costs were awarded against North Lincolnshire Council and have since been received. Field development operations are progressing well and first oil is targeted during January 2021, which will add 150 bopd to Egdon’s production
  • During March 2020, we announced the results of an in-depth assessment of the Biscathorpe project (PEDL253) which identified technically and commercially attractive target areas accessible via a side-track of the suspended Biscathorpe-2 well. A planning application is in the process of being prepared for submission to enable this
  • The farm-out of the Resolution and Endeavour gas discoveries (P1929 and P2304) to Shell Oil U.K. Limited (“Shell”) and agreed licence extensions and new work programme obligations with the Oil and Gas Authority (“OGA”)
  • During September 2019, the encouraging gas in place results for Springs Road-1 were announced indicating the presence of a potentially world class resource in the “Gainsborough Shales” of the Gainsborough Trough where Egdon holds 71,361 net acres (289 km2)
  • During early November 2019, Government announced the introduction of a moratorium on high volume hydraulic fracturing for shale-gas that will remain in place until new evidence is provided. Along with our industry peers we are continuing to work with the OGA and other regulators on this matter
  • On 18 June 2020 a confidential settlement was reached with Humber Oil and Gas in respect of PEDL253 litigation and monies were received on 25 August 2020

Financial Highlights

  • Gross oil and gas revenues during the period decreased by 56% to £0.96 million (2019: £2.20 million)
  • Loss for the year ended 31 July 2020 of £4.75 million after write-downs, pre-licence costs and impairments of £3.03 million (2019: loss of £1.72 million after write-downs, pre-licence costs and impairments of £0.45 million)
  • Basic loss per share of 1.53p (2019: 0.64p)
  • Cash at bank £0.85 million as at 31 July 2020 (2019: £1.62 million)
  • Placing of equity in April 2020 raised £0.50 million (gross of expenses) at a price of 2p per share
  • Net current liabilities as at 31 July 2020 of £0.33 million (2019: Net current assets £1.91 million)
  • Net assets as at 31 July 2020 of £26.67 million (2019: £30.99 million)

Subsequent Events

  • On 25 August 2020 the farm-outs to Shell were completed for  the Resolution and Endeavour assets (P1929 and P2304)
  • On 7 September 2020 we received approval for an extension of planning consent to 31 December 2021 for the drilling of North Kelsey-1 (PEDL241) which had been delayed due to COVID-19 restrictions during the earlier part of the year
  • PEDL143 Licence relinquished during September 2020
  • On 26 November 2020 Egdon announced that it had entered into a £1.00 million loan facility with Union Jack Oil plc
  • On 5 January 2021 Egdon finalised the documentation for £1.05 million convertible loan notes with a concert party of Petrichor Holdings BV. The transaction, which will require a whitewash, is subject to shareholder approval through a vote by independent shareholders at a General Meeting to be held on 22 January 2021
  • Egdon has been advised by Shell that the Resolution 3D seismic survey is now planned for February 2022, subject to approval by the OGA of an amendment to the licence obligations

Outlook

  • Continuing to carefully manage costs and cash through the current challenging operating environment
  • Finalising the development of the Wressle oil field for production start-up in January 2021
  • Progressing the planning application for a Biscathorpe-2 side-track well to be drilled in 2021 and where we may look to secure a partial farm-out
  • Progressing a farm-out of North Kelsey-1 for drilling in 2021
  • Progressing the acquisition of the 3D seismic survey over the Resolution and Endeavour gas discoveries in February 2022
  • Streamlining the portfolio to concentrate on a smaller number of key assets whilst maintaining our position in core unconventional assets
  • Subject to lifting of the current moratorium on hydraulic fracturing operations for shale-gas, progressing the planning and permitting for the drilling and subsequent testing of the Springs Road-2 well
  • Reviewing the Energy Transition opportunities within the current portfolio, including repurposing of existing wells for geothermal energy

AudiocastAn audiocast of the Results Presentation will be available to view via the following link from 09.30:https://webcasting.buchanan.uk.com/broadcast/5ff32185c627bb518d53146dView or Download Preliminary Results 2020View or Download Full 2020 Annual ReportView Egdon Resources PLC - Notice of MeetingView Egdon Resources Form of Proxy

January 6, 2021

Notice of Results

Egdon Resources plc (AIM: EDR, “Egdon”) can advise that the Preliminary Results of the Company for the year ended 31 July 2020 will be issued on Wednesday 6 January 2021.An audiocast of the results presentation and business update will be available via the Company’s website.

January 5, 2021

Wressle Development Update and Loan Facility

Egdon Resources plc (AIM: EDR, “Egdon”) is pleased to provide an update on progress to first oil at the Wressle Oil Field Development (“Wressle” or the “Development”) and to provide details of a loan facility for £1 million.Wressle Development UpdateWressle is located in North Lincolnshire Licences PEDL180 and PEDL182 where the Company holds a 30% operated interest.The site reconfiguration works have been completed and the installation of surface facilities is currently ongoing at the Wressle site. To date, the storage tanks and inspection gantry have been installed and work is advanced in respect of the electrical and control system installation. All works have been completed safely whilst operating under Egdon’s “COVID secure” operating procedures. Delivery of all remaining equipment is expected to be completed during December, despite the many challenges posed by the impact of COVID-19 restrictions on the current supply chain operating environment.The PEDL180 and PEDL182 Joint Venture has decided to defer the workover operations and final commissioning of Wressle until January 2021, eliminating any possible operating and supply chain issues associated with the December festive period shutdown.As such, mobilisation of the workover rig will now take place immediately in the New Year, with the workover being completed and initial oil flows now anticipated during late January 2021.Recent photographs of the Wressle development site can be found on Egdon’s Twitter feed @EgdonResources.Loan FacilityEgdon is also pleased to announce that it has secured a £1,000,000 loan facility.A Facility Agreement and Charge Agreement (the Agreements) have been executed with Union Jack Oil plc which will provide the loan facility on commercial terms. The main terms of the Agreements are;

  • 18 month term
  • Principal sum payable at end of the term or in part or in full at any earlier time at the borrowers discretion
  • Interest accrues on a daily basis on the outstanding loan amount at an interest rate of 11% per annum and is payable quarterly commencing on the earlier of the quarter following first production or on April 2021
  • The loan is secured against an unencumbered 25% interest in the Wressle Project (PEDL180, and PEDL182), including the Wressle development project and associated infrastructure

Commenting, Mark Abbott, Managing Director of Egdon Resources plc, said:“We are pleased to have secured this source of debt financing as we progress the Wressle development to first production during January 2021. Since the award of Planning Consent in January 2020, significant progress has been made despite the challenging operating environment.Achieving commercial production from Wressle will have a significant and positive impact on Egdon’s production and cash flow, with an expected net production increase of 150 barrels of oil per day.We note the recent strengthening of the market price for oil, which will further improve the economics of this already robust development, with a project break-even oil price of $17.62 per barrel.We look forward to updating stakeholders on further progress early in the New Year.”

November 26, 2020

Biscathorpe Planning Update

Egdon Resources plc (AIM: EDR, “Egdon”) is pleased to provide an update on the Biscathorpe Project in Lincolnshire Licence PEDL253 where the Company holds a 35.80% interest.This information will also be provided at a Biscathorpe Community Liaison Group meeting being held later today 10 November 2020.As previously advised, a detailed technical evaluation by the PEDL253 Joint Venture has identified accessible drilling target areas on the Biscathorpe Prospect, where evidence for a thickened Westphalian sandstone reservoir interval is evident on the reprocessed 3-D seismic. These areas can be targeted by a side-track of the existing Biscathorpe-2 well which was suspended following drilling operations in 2019. The proposed side-track will also target the oil column logged in the underlying Dinantian Carbonate in Biscathorpe-2.Egdon, on behalf of the PEDL253 joint venture partners, will be submitting an application for planning permission for the side-track drilling operation, associated testing and in a success case the long term production of oil at the site.A screening opinion was sought from Lincolnshire County Council (LCC) in respect of the need for an Environmental Impact Assessment, given the scope of the proposed application, which includes production, and the site location. A positive screening opinion has been adopted by LCC and as such the planning application will need to be accompanied by an Environmental Statement which integrates a number of specialist reports and assessments. This thorough process will enable Egdon to identify and address any potential environmental impacts arising from the proposed activity.Notwithstanding social distancing requirements and restrictions on meeting as a result of COVID-19, Egdon plans to engage with the local community and statutory consultees via a virtual public consultation event ahead of finalising the submission.The planning application will be submitted before the end of February 2021.Commenting, Mark Abbott, Managing Director of Egdon Resources plc, said:“Biscathorpe represents a material and financially robust opportunity to secure a lower carbon footprint (when compared to imports) indigenous source of oil which would generate local and regional economic benefits. Our planning application will include long term production, which if approved would provide clarity on planning, ahead of further drilling and would enable rapid development in a success case.  We are committed to consulting with the local community and other stakeholders and today’s community liaison group meeting provides an opportunity to commence this process as we continue to develop the detailed planning application for submission.”

November 10, 2020

PEDL143 Relinquishment

Egdon Resources plc (AIM:EDR) notes the press release made today by UK Oil & Gas PLC (“UKOG”) the operator of PEDL143, where Egdon held a 18.4% interest.In its release UKOG advised the following in respect of PEDL143;“A detailed study examining the viability of drilling the A24 (formerly Holmwood) Portland prospect’s centre from selected sites outside the Surrey Hills Area of Outstanding Natural Beauty, each over 3 km from the target, concludes that the required long-reach/shallow target-depth wells are neither technically viable nor economically feasible. Consequently, UKOG and its partners have now relinquished their interests in the licence.”Mark Abbott, Managing Director of Egdon Resources plc, said:“The relinquishment is supported by Egdon, as a technically and commercially viable site to drill the A24 Prospect (formerly Holmwood) couldn’t be identified.  It enables Egdon to focus its resources on the core near-term priorities; namely, moving to production at Wressle during this quarter, progressing drilling options at Biscathorpe and North Kelsey, and acquiring a marine 3D seismic survey over the Resolution and Endeavour gas discoveries during the coming period.”

October 16, 2020

North Kelsey Alignment of Interests

Egdon Resources plc (AIM:EDR) is pleased to announce an agreement with Union Jack Oil plc ( “Union Jack”) to align our equity interests in PEDL241, and to jointly pursue a farmout for the drilling of the North Kelsey-1 exploration well.The North Kelsey Prospect is a drill ready conventional oil prospect along trend from and analogous to the Wressle oil development - which lies some 15 km to the northwest - and has been mapped from 3-Dimensional seismic data to have potential for oil in up to four stacked conventional Carboniferous reservoir targets. Egdon estimates that the Prospective Resources range from 4.66 million barrels up to 8.47 million barrels, with a Mean Resource volume of 6.47 million barrels.In September we announced an extension of the existing planning consent for drilling North Kelsey-1 to 31 December 2021. We have also received the requisite permits from the Environment Agency.Under the terms of the agreement Union Jack will acquire a further 30% interest in the license for a cash consideration of £100,000 with the previous farm-in obligations terminating. Egdon will retain operatorship and a 50% interest in the licence. The transaction is subject to consent from the Oil and Gas Authority.Upon completion of the acquisition the interests held in PEDL241 will be as follows:CompanyPrevious InterestNew InterestEgdon Resources U.K. Limited80% (Operator)50% (Operator)Union Jack Oil plc20%50%Commenting on the agreement, Mark Abbott, Managing Director of Egdon Resources plc, said:“We are pleased to have reached agreement with Union Jack to fully align our interests and objectives in PEDL241 prior to a planned joint farmout of the drill ready North Kelsey-1 exploration well. All consents are in place to drill at North Kelsey, a Wressle analogue, providing a further potentially material value catalyst for Egdon during 2021.”

October 14, 2020

North Kelsey Planning Update

Egdon Resources plc (AIM:EDR) advises that its application to extend to 31 December 2021, the existing planning permission to drill conventional exploratory oil well at North Kelsey-1 site location was approved at today’s meeting of the Lincolnshire County Council Planning Committee.Commenting on the decision, Mark Abbott, Managing Director of Egdon Resources plc, said:“We are pleased with today’s decision to extend the planning permission as it enables us to progress our drilling plans at the North Kelsey conventional oil prospect which have been delayed by COVID-19 restrictions.  We will now progress our plans for drilling during 2021, providing a further potentially material near-term value catalyst for Egdon”

September 7, 2020

Settlement Proceeds received from Humber Oil & Gas Limited

Egdon Resources plc (AIM: EDR, “Egdon”) is pleased to advise that the proceeds from the confidential settlement agreement between Egdon Resources U.K. Limited (acting on behalf of the PEDL253 joint venture partners) and Humber Oil & Gas Limited as announced on 24 June 2020 have been received.The joint parties to PEDL253 have therefore resolved the dispute arising under the JOA and look forward to co-operating in the future in the development of the licence.

August 26, 2020

Completion of Shell Farm-in to Licences P1929 and P2304

Egdon Resources plc (AIM:EDR) is pleased to advise the completion of the Farm-In Agreement with Shell U.K. Limited (“Shell”) in respect of offshore licences P1929 and P2304 (“the Licences”) which contain the Resolution and Endeavour gas discoveries.The OGA has approved the transfer of a 70% interest and operatorship in both licences and the associated documentation including Joint Operating Agreements in respect of both licences has now been executed.Egdon retains a 30% interest in the Licences. Under the terms of the Farm-In Agreement, Shell will pay 85% of the costs of the acquisition and processing of the 3D seismic survey covering both the Resolution and Endeavour gas discoveries. Under the terms of the Licences, this work needs to be completed by 31 May 2021. The carry on the acquisition costs will be capped at US$5 million gross, beyond which Egdon would pay 30% of the survey costs. Furthermore, Shell will also pay 100% of all studies and manpower costs through to the well investment decision on the Licences.Commenting on the news, Mark Abbott, Managing Director of Egdon Resources plc, said:“We are delighted to have completed the transfer of interest and operatorship to Shell in respect of these important, and potentially valuable, licences for Egdon.  The focus will now be on progressing appraisal activity on the Resolution and Endeavour gas discoveries.  The first part of this activity will be the acquisition of a marine 3D seismic survey during Q1 2021.  We look forward to building on our good working relationship with Shell and benefiting from their substantial worldwide operational experience and expertise.”

August 25, 2020

Wressle Development Update

Egdon Resources plc (AIM: EDR, “Egdon”) is pleased to provide an update on the Wressle Oil Field Development (“Wressle”) where site works have now commenced. Wressle is located in North Lincolnshire Licences PEDL180 and PEDL182 where the Company holds a 30% operated interest.The site civils contractor has mobilised and the works to reconfigure the Wressle production site have commenced. These works, which represent an important step in the development, will comprise the installation of a new High Density Polyethelene (HDPE) impermeable membrane; French drain system; an approved surface water interceptor; the construction of a purpose-built bund area for storage tanks; a tanker loading plinth and an internal roadway system.The Company remains on track for first oil during H2 2020 as previously advised.The Wressle development comprises a number of key stages which are summarised below along with progress made to date:

  • Discharging the planning conditions, finalising detailed designs, tendering and procurement of materials, equipment and services and finalising all HSE documentation and procedures; the key planning conditions have been discharged, progress with detailed design tendering and procurement is proceeding as per the plan and all HSE documentation and procedures are progressing as per expectation
  • Installation of groundwater monitoring boreholes and establishing baseline groundwater quality through monitoring and analysis; four groundwater monitoring boreholes have been installed and two rounds of sampling and analysis undertaken to date
  • Reconfiguration of the site; site works have commenced
  • Installation and commissioning of surface facilities;
  • Sub-surface operations; and
  • Commencement of production

Commenting, Mark Abbott, Managing Director of Egdon Resources plc, said:“We continue to make good progress with the Wressle development,  in line with the expected timeline, despite the challenges of the current operating environment. The commencement of the site reconfiguration works represents an important step in the progress to first oil which will increase Egdon’s production by 150 barrels of oil per day. Wressle is economically robust with an estimated project break-even oil price of $17.62 per barrel.We maintain our guidance of first oil during H2 2020 and will continue to update stakeholders as works progress.”

August 3, 2020

Appointment of Nomad and joint Broker

The Company is pleased to announce the appointment of WH Ireland Limited as Egdon’s Nominated Adviser (“Nomad”) and joint broker.

June 29, 2020

Settlement Reached with Humber Oil & Gas Limited, PEDL253 Biscathorpe

Egdon Resources plc (AIM: EDR, “Egdon”) is pleased to advise the signing of a legally binding and confidential settlement agreement (the “Settlement Agreement”) between Egdon Resources U.K. Limited (acting on behalf of the PEDL253 joint venture partners) and Humber Oil & Gas Limited (“Humber”). The joint parties to PEDL253 have therefore resolved the dispute arising under the JOA and look forward to co-operating in the future in the development of the licence.Upon implementation of the terms of the Settlement Agreement Egdon Resources U.K. Limited will hold a 35.8% operated interest in PEDL253.Egdon has previously announced the results of a detailed evaluation of the Biscathorpe project which concluded that a possible material and commercially viable hydrocarbon resource remains to be tested. In summary;

  • Economic modelling indicates a financially robust project even in the current oil price environment
  • The principal Westphalian target has an estimated un-risked gross NPV(10) of £55.6 million
  • Break-even full-cycle economics estimated to be (NPV(10)) US$18.07 per barrel of oil
  • A 57 metre oil bearing section in the Dinantian Carbonate of Biscathrope-2 represents a secondary target with potentially significant commercial upside
  • Future identified drill targets are accessible via a side-track of the suspended Biscathorpe-2 well.

Mark Abbott, Managing Director of Egdon Resources plc, commented: “We are pleased that agreement has been reached with Humber, enabling the project to now move forward with full support from all partners.Having retained the wellsite, the JV has maintained its optionality to pursue a cost effective side-track to test the resource potential of not only the Basal Westphalian Sandstone play, but also to appraise the oil column demonstrated in the deeper Dinantian Carbonate reservoir. Our detailed work has concluded that a potentially material and commercially viable hydrocarbon resource remains to be tested at Biscathorpe.We look forward to providing further updates to shareholders as the Biscathorpe project develops.”

June 24, 2020

Update on Licences P1929 and P2304 and the Shell Farm-In

Egdon Resources plc (AIM:EDR) is pleased to provide an update on UK offshore licences P1929 and P2304 (“the Licences”) and the Farm-In Agreement with Shell U.K. Limited (“Shell”).As advised on 21 January 2020, the farm-in by Shell was conditional upon;

  • Receiving approval from the Oil & Gas Authority (“OGA”); and
  • Agreement of a mutually acceptable forward work programme and timeline with the OGA

In December 2019 Egdon announced that the OGA had granted extensions to the Licences to 31 May 2020. I am pleased to report that the OGA has now agreed to extend further the licence terms and amend the work obligations for both P1929 and P2304 as follows:P1929 and P2304The initial term of the Licences shall be extended to 31 May 2024; subject to fulfilling the following firm commitments;

  1. by 31 May 2021, acquire 400 km2 of 3D seismic in P1929 and P2304 or relinquish the Licences
  2. by 30 November 2022, undertake to drill one well in either P1929 or P2304 to a depth of 1700 metres True Vertical Depth Subsea (TVDss), or 75 metres below the Base Permian Unconformity; or relinquish the Licences

We will now progress the assignment of the licence interests and operatorship of the Licences to Shell. On completion Egdon will retain a 30% interest in the Licences. Under the terms of the Farm-In Agreement, Shell will pay 85% of the costs of the acquisition and processing of the 3D seismic survey covering both the Resolution and Endeavour gas discoveries. The carry on the acquisition costs will be capped at US$5 million gross, beyond which Egdon would pay 30% of the survey costs. Furthermore, Shell will also pay 100% of all studies and manpower costs through to the well investment decision on the Licences.Commenting on the update, Mark Abbott, Managing Director of Egdon Resources plc, said:“Working closely with our partner Shell, we are pleased to have reached agreement with the OGA to extend the Licences coupled with revised work obligations and timelines. We will now   focus on completing the licence assignments and transfer of operatorship to Shell and progressing the planned appraisal activity on the Resolution and Endeavour gas discoveries.  The first part of this work programme will be the acquisition of a marine 3D seismic survey.  We look forward to building on our close working relationship with Shell and benefitting from their substantial worldwide operational experience and expertise; notably the development of carbonate reservoirs characteristic of the Resolution and Endeavour discoveries.”

June 8, 2020

Wressle Update

Egdon Resources plc (AIM: EDR, “Egdon”) is pleased to provide an update on the Wressle development in North Lincolnshire Licences PEDL180 and PEDL182 where the Company holds a 30% operated interest.The Wressle development was granted planning consent on appeal on 17 January 2020. The Planning Inspector also allowed Egdon’s application for costs against North Lincolnshire Council (“NLC”) and we can advise that the gross sum of c. £403,000* has now been received from North Lincolnshire Council as settlement in full of these costs.As previously advised the plan for the Wressle development comprises the following key stages:

  1. Discharging the planning conditions, finalising detailed designs, tendering and procurement of materials, equipment and services and finalising all HSE documentation and procedures
  2. Installation of groundwater monitoring boreholes and establishing baseline groundwater quality through monitoring and analysis
  3. Reconfiguration of the site
  4. Installation and commissioning of surface facilities
  5. Sub-surface operations
  6. Commencement of production

Following NLC approval of the installation plan and discharge of the associated planning condition we have now completed the installation of four groundwater monitoring boreholes on the Wressle site. These boreholes will be subject to monitoring and analysis throughout the life of the site, with an initial three months of sampling to determine baseline groundwater quality.As previously advised, on current plans, the Company envisages first oil during H2 2020.Commenting, Mark Abbott, Managing Director of Egdon Resources plc, said:“We continue to make good progress with the Wressle development despite the current challenging operating environment. The successful installation of the groundwater monitoring boreholes represents an important step in the progress to first oil which will increase Egdon’s production by 150 barrels of oil per day.. Wressle remains economically robust with an estimated project break-even oil price of $17.62 per barrel.We are also pleased to have received the costs in full from North Lincolnshire Council which strengthens our finances.”

*This will be divided between partners proportionate with their interests.
May 13, 2020

Director / PDMR Dealing

Egdon Resources plc (AIM:EDR) announces that on 24 April 2020, Mark Abbott, Walter Roberts and Tim Davies, all Directors of the Company, acquired shares as detailed below as part of the second tranche of the Subscription announced on 14 April 2020 at a price of 2p per share..DirectorSubscription SharesResultant shareholdingPercentage %on admissionMark Abbott2,500,00011,892,6173.62Tim Davies50,00050,0000.02Walter Roberts250,0001,224,1290.37The new shares are expected to be admitted to AIM on or around 1 May 2020.

April 27, 2020

Completion of Tranche 2 of the Equity Fundraising announced on 14 April 2020

Egdon Resources plc (AIM: EDR, "Egdon") is pleased to announce the completion of Tranche 2 of the Equity Fundraising announced by the Company on 14 April 2020 (RNS number 4724J). Tranche 2 of the Subscription includes the issue of 2,800,000 new ordinary shares of 1p each in the capital of the Company to Mark Abbott, Walter Roberts and Tim Davies (the “Directors”) at a subscription price of 2p (the “Directors’ Subscription Shares”) and 1,441,780 new ordinary shares of 1p each in the capital of the Company to Petrichor at a subscription price of 2p (the “Petrichor Further Subscription Shares”) (together the “Tranche 2 Subscription Shares”).As announced on 14 April 2020 the equity fundraising will result in gross proceeds of approximately £500,000 (before expenses).The Admission of the 20,758,220 new ordinary shares representing Tranche 1 of the Subscription took place on 20 April 2020. Application has been made for the admission of the 4,241,780 Tranche 2 Subscription Shares to be admitted to AIM on or around 1 May 2020.Capitalised terms used but not otherwise defined in this announcement bear the meanings ascribed to them in the announcement by the Company on 14 April 2020 (RNS number 4724J).Concert PartyPetrichor is a wholly owned subsidiary of HEYCO Energy Group, Inc. (“HEYCO”). HEYCO’s majority shareholder is Explorers Petroleum Corporation of which George Yates is the ultimate controller.The Petrichor Further Subscription Shares will be registered in the name of Jalapeño Corporation (“Jalapeño”). Jalapeño’s President is Harvey E Yates Jr, George Yates’ brother. As such, Petrichor and Jalapeño constitute a concert party for the purposes of the Takeover Code (the “Concert Party”).Following Admission of the Tranche 2 Subscription Shares, the Concert Party will hold in aggregate 111,592,046 Ordinary Shares (representing 33.99 per cent. of the enlarged share capital).Related PartyMark Abbott is a Director of the Company and is interested in 9,392,617 ordinary shares (representing 2.90% of the current issued share capital).Walter Roberts is a Non-Executive Director and Company Secretary of the Company and is interested in 974,129 ordinary shares (representing 0.30% of the current issued share capital).Tim Davies is a Non-Executive Director of the Company and is not currently interested in any ordinary shares.The Concert Party is a substantial shareholder in the Company and, following the admission of the Tranche 2 Subscription Shares will be interested in 111,592,046 Ordinary Shares (representing 33.99% of the current issued share capital).The participation in the Directors’ Subscription by Mark Abbott, Walter Roberts and Tim Davies and the Petrichor Further Subscription both constitute related party transactions under the AIM Rules for Companies.Following Admission of the Tranche 2 Subscription Shares, the holdings of the Directors will be as follows:DirectorTranche 2 Subscription SharesResultant shareholdingPercentage %Mark Abbott2,500,00011,892,6173.62Tim Davies50,00050,0000.02Walter Roberts250,0001,224,1290.37The directors of the Company (with the exclusion of Mark Abbott, Walter Roberts and Tim Davies), having consulted with the Company's nominated adviser, Cantor Fitzgerald Europe, consider the terms of the Fundraising to be fair and reasonable insofar as the Company's shareholders are concerned.Total Voting RightsThe current issued share capital of the Company is 324,073,845 Ordinary Shares, each with voting rights.Following Admission of the 4,241,780 Tranche 2 Subscription Shares on or around 1 May 2020, the Company’s enlarged issued share capital will comprise 328,315,625 Ordinary Shares, each with voting rights. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company, under the Disclosure and Transparency Rules.This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 ("MAR"). In addition, market soundings (as defined in MAR) were taken in respect of the Subscription with the result that certain persons became aware of inside information (as defined in MAR), as permitted by MAR.  This inside information is set out in this Announcement.  Therefore, those persons that received inside information in a market sounding are no longer in possession of such inside information relating to the Company and its securities.

April 27, 2020

Director / PDMR Dealing

Egdon Resources plc (AIM:EDR) announces that on 21 April 2020, Elizabeth Stephens, wife of Philip Stephens, a Non-Executive Director of the Company, purchased 100,000 ordinary shares of 1 pence each (“Ordinary Shares”) at a price of 1.9 pence per share.Following this transaction, Philip and Elizabeth Stephens are interested in 231,703 Ordinary Shares, representing 0.072% of the Company’s issued share capital.

April 22, 2020

Interim Results for the Six Months Ended 31 January 2020

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 unaudited results for the six months ended 31 January 2020 (“the Period”).Overview and HighlightsOperational and Corporate

  • Production for the Period of 178 barrels of oil equivalent per day “boepd”) (H1 2019: 164 boepd) in line with guidance
  • Planning Consent granted on appeal for the Wressle oil field development
  • Farm-out agreement signed with Shell U.K. Limited (“Shell”) for P1929 and P2304 (Resolution and Endeavour undeveloped discoveries)
  • Springs Road-1 analysis confirms a potentially world class hydrocarbon resource is present in the Gainsborough Trough
  • The UK government has imposed a moratorium on high volume hydraulic fracturing for shale gas in England

Financial Performance

  • Oil and gas revenues during the period fell to of £0.675 million (H1 2019: £1.210 million) as a result of the weak price environment
  • Loss of £1.044 million (H1 2019: £0.724 million) before impairments
  • Overall loss for the period of £3.235 million including £2.191 million of impairments (H1 2019: loss of £0.724 million, £Nil impairments)
  • Cash and cash equivalents of £0.78 million (H1 2019: £1.78 million)
  • Net current assets as at 31 January 2020 of £0.37 million (H1 2019: £2.35 million)
  • Net Assets at 31 January 2020 of £27.81 million (H1 2019: £30.00 million)

Post-Period Events

  • To date there has been no operational impact from the Government’s restrictions imposed due to Covid-19
  • An economic assessment of the Wressle development demonstrates that the project is robust in the current economic environment with a project breakeven price of $17.62/bbl
  • Post well technical update indicates the potential for a material and commercially viable resource remains on the Biscathorpe project with a breakeven price of $18.07/bbl
  • An equity fundraise subscription to raise £500,000 before expenses, in two tranches with funds to be used to progress near term cash generative projects such as Wressle and general working capital.

Outlook

  • Production guidance for the full financial year is retained at 130-140 boepd

Our key operational focus for the coming period will be:

  • Developing the Wressle oil field for production start-up in H2 2020
  • Completing the farm-out of the Resolution and Endeavour projects with Shell and progressing the acquisition of the planned marine 3D seismic survey
  • Progressing plans for a Biscathorpe-2 side-track well
  • Maintaining the option for North Kelsey-1 exploration well for drilling in 2021
  • Subject to the lifting of the current moratorium on hydraulic fracturing operations for shale gas, progressing the planning and permitting for the drilling and subsequent testing of the Springs Road-2 well

Online PresentationsGiven the current Government guidance on social distancing, no face to face meetings are possible at this time. As such an audiocast of the Interim Results Presentation is available to view via following link:https://webcasting.buchanan.uk.com/broadcast/5e9abe8931da814c9fc6aad1Commenting on the results, Philip Stephens, Chairman of Egdon said;The highlight of the Period is undoubtedly the grant of planning consent after appeal for the development atWressle. Our agreement with Shell with regard to our North Sea prospects and the positive results of the test drilling at Springs Road are also significant achievements. The current market conditions are difficult and the Board's focus will be on cost discipline and continued safe operations as we seek to navigate the near-term challenges faced by the whole Country and the specifics of our industry. We are confident that we have the right asset base and strategy to deliver long-term value for our shareholders and look forward to more normal times and progressing the exciting opportunities that your Company has.”View or download 2020 Interim Report

April 21, 2020

Equity Fundraising of approximately £500,000

Egdon Resources plc (AIM: EDR, "Egdon") is pleased to announce that it has raised approximately £500,000 via a subscription for new shares, to be completed in two tranches. The Company has raised approximately £415,164 (the "Subscription") through the issue of 20,758,220 new ordinary shares of 1 pence each in the Company (the "Subscription Shares") at a price of 2p per Ordinary Share ("Issue Price"). The Subscription includes a £141,114 subscription by Petrichor Holdings Coöperatief U.A. (“Petrichor”).In addition, because the Company is currently in a close period due to its intended publication of Interim Results for the six months ended 31 January 2020 on 21 April 2020, Mark Abbott (Managing Director), Walter Roberts (Non-Executive Director and Company Secretary) and Tim Davies (Non-Executive Director) of Egdon have undertaken to subscribe to raise £56,000 following publication of those Interim Results as set out further below (the “Directors’ Subscription”). In connection with the Director’s Subscription, Petrichor has undertaken to subscribe for such further number of shares, at the Issue Price, that would maintain their holding in the Company at 33.99%. If the Directors Subscription is undertaken at the Issue Price (2p per Ordinary Share) this will result in gross proceeds of £500,000 for the two tranches.Highlights

  • Subscription for 7,055,720 New Ordinary Shares as outlined below (the “Petrichor Subscription Shares") by Petrichor at an issue price of 2 pence per Subscription Share to raise gross proceeds of £141,114 (the "Petrichor Subscription").
  • In connection with the Directors’ Subscription, Petrichor has undertaken to subscribe for such number of shares at the Issue Price that would maintain their holding in the Company at 33.99% (the “Petrichor Further Subscription”)
  • The Issue Price represents a 14.89 per cent. discount to the closing price (of 2.35p) of the Ordinary Shares on Thursday 9 April 2020, the last trading day prior to this Announcement.
  • An undertaking to subscribe to raise £56,000 by Mark Abbott (Managing Director), Walter Roberts (Non-Executive Director and Company Secretary) and Tim Davies (Non-Executive Director) (the “Directors’ Subscription”) at the higher of the Issue Price or the volume weighted adjusted price (“VWAP”) of the Ordinary Shares on the three days following publication of the Company’s Interim Results, subject to the same discount of 14.89 per cent (the “Directors’ Subscription Price”).
  • The net proceeds of the fundraising receivable by the Company will be used primarily to:
  • Progress key near term cash generative projects such as Wressle; and
  • General working capital.

The Fundraising will complete in 2 tranches, the first of which will complete on or around 20 April 2020 and the second will complete on or around 27 April 2020, or the earliest such time that the Directors are not in possession of inside information.Tranche 1The £415,164 subscription monies payable for 20,758,220 of the Subscription Shares (“Tranche 1 Subscription Shares”) are payable on 20 April 2020. Application will be made to the London Stock Exchange for the Tranche 1 Subscription Shares to be admitted to trading on the AIM Market of the London Stock Exchange (“Admission”) and it is expected that Admission of the Tranche 1 Subscription Shares will become effective on or around 20 April 2020.Tranche 2The subscription monies payable for the Directors’ Subscription Shares and the Petrichor Further Subscription (“Tranche 2 Subscription Shares”) are expected to be payable on 27 April 2020. A further update will be made once the Director’s Subscription Price and the number of Directors’ Subscription Shares is known.Application will be made for Admission of the Tranche 2 Subscription Shares and it is expected that Admission of the Tranche 2 Subscription Shares will become effective on or around 27 April 2020 or the earliest such time that the Directors are not in possession of inside information if later.The Tranche 1 Subscription Shares and the Tranche 2 Subscription Shares will rank pari passu with the Company’s existing Ordinary Shares in all respects.Mark Abbott, Managing Director of Egdon, commented:"Egdon is pleased to have secured these funds in difficult market conditions to progress our key near term projects. We are grateful for the continued support from Petrichor, an existing shareholder with extensive knowledge and experience of exploration and production of unconventional hydrocarbons."Related Party TransactionsMark Abbott is a Director of the Company and is interested in 9,392,617 ordinary shares (representing 3.10% of the current issued share capital).Walter Roberts is a Non-Executive Director and Company Secretary of the Company and is interested in 974,129 ordinary shares (representing 0.32% of the current issued share capital).Tim Davies is a Non-Executive Director of the Company and is not currently interested in any ordinary shares.Petrichor is a substantial shareholder in the Company and is interested in 103,094,546 Ordinary Shares (representing 33.99% of the current issued share capital).The participation in the Directors’ Subscription by Mark Abbott, Walter Roberts and Tim Davies and the Petrichor Subscription both constitute related party transactions under the AIM Rules for Companies.The directors of the Company (with the exclusion of Mark Abbott, Walter Roberts and Tim Davies), having consulted with the Company's nominated adviser, Cantor Fitzgerald Europe, consider the terms of the Fundraising to be fair and reasonable insofar as the Company's shareholders are concerned.Concert partyPetrichor is a wholly owned subsidiary of HEYCO Energy Group, Inc. (“HEYCO”). HEYCO’s majority shareholder is Explorers Petroleum Corporation of which George Yates is the ultimate controller.The Petrichor Subscription Shares will be registered in the name of Jalapeño Corporation (“Jalapeño”). Jalapeño’s President is Harvey E Yates Jr, George Yates’ brother. As such, following the Subscription Petrichor and Jalapeño will constitute a concert party for the purposes of the Takeover Code (the “Concert Party”).Following Admission of the Tranche 1 Subscription Shares, the Concert Party will hold in aggregate 110,150,266 Ordinary Shares (representing 33.99 per cent. of the enlarged share capital).Following Admission of the Tranche 2 Subscription Shares, the Concert Party will hold such number of Ordinary Shares representing 33.99 per cent. of the enlarged share capital.Total Voting RightsThe current issued share capital of the Company is 303,315,625 Ordinary Shares, each with voting rights. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company, under the Disclosure and Transparency Rules.Following Admission of the 20,758,220 Tranche 1 Subscription Shares on or around 20 April 2020, the Company's enlarged issued share capital will comprise 324,073,845 Ordinary Shares, each with voting rights.A further update will be made by the Company, on or around 27 April 2020 (or the earliest such time that the Directors are not in possession of inside information), regarding the Company’s enlarged share capital following admission of the Tranche 2 Subscription Shares.This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 ("MAR"). In addition, market soundings (as defined in MAR) were taken in respect of the Subscription with the result that certain persons became aware of inside information (as defined in MAR), as permitted by MAR.  This inside information is set out in this Announcement.  Therefore, those persons that received inside information in a market sounding are no longer in possession of such inside information relating to the Company and its securities.

April 14, 2020

Coronavirus (COVID-19) and Trading Update

Egdon Resources plc (AIM: EDR) provides an update on the impact of COVID-19 on the business and an update on current trading.The coronavirus pandemic represents an unprecedented national and international public health emergency which has impacted many aspects of our daily lives and which we hope to see resolved quickly. The primary concern and focus for the Company at this time is the health and safety of our employees, contractors and other stakeholders.In this regard, Egdon’s office-based employees have been working from home since 19 March 2020 using well established systems to maintain full functionality and the ability to do so for however long the current Government guidance is maintained. I am pleased to report that to date there have been no incidents of infection within our workforce.Our currently operational sites - Keddington and Fiskerton Airfield - are managed by a third-party contractor and we have jointly established procedures and plans to ensure continuing safe functioning of the sites within the oversight of existing government regulation. Oil and gas workers are considered by the Government to be ‘key workers’. As such, travel to and from site remains unrestricted as does the transportation of produced oil to the nearby refinery.We will continue to monitor the situation and act within Government guidelines as matters develop but at this stage do not anticipate any adverse impacts to our production operations.As announced on 26 February 2020, production during the six months ended 31 January 2020 was 178 barrels of oil equivalent per day (“Boepd”) (H1 2019: 164 Boepd). Revenue during the six months to 31 January 2020 was £0.675 million (H12019: £1.21) which reflects the lower gas prices seen through the winter of 2019/20. Production remains within guidance of 130-140 Boepd for the full financial year (ending 31 July 2020).The coronavirus pandemic and the resultant international actions have adversely impacted worldwide oil demand which has largely contributed to the current low oil price environment. In common with our peers, our current late field life production is unprofitable at these current prices and we are reducing costs wherever possible.Given the current reduction in predicted oil and gas forward prices, non-cash impairments will be made in our Interim Results on a small number of assets. These impairments are expected to be of the order of c.£2.5-3.0 million out of total non-current assets of £31.94 million.The Company is focussed on reducing costs and expenditure and concentrating on progressing key near term cash generative projects such as Wressle. We will continue to keep future activity under review in light of the current circumstances and are positioning the Company for growth once normality returns to the economy and oil markets.The Company will be releasing its Interim Results for the six months ended 31 January 2020 on 21 April 2020.

April 2, 2020

Biscathorpe assessment demonstrates significant commercial upside

Egdon Resources plc (AIM: EDR, “Egdon”) is pleased to provide an update on the Biscathorpe Project in Lincolnshire Licence PEDL253 where the Company holds a 44.75% operated economic interest.Highlights

  • Economic modelling indicates a financially robust project even in the current oil price environment
  • The principal Westphalian target has an estimated un-risked gross NPV(10) of £55.6 million
  • Break-even full-cycle economics estimated to be (NPV(10)) US$18.07 per barrel of oil
  • A 57 metre oil bearing section in the Dinantian Carbonate of Biscathrope-2 represents a secondary target with potentially significant commercial upside
  • Future identified drill targets are accessible via a side-track of the suspended Biscathorpe-2 well.

Biscathorpe is located within the proven hydrocarbon fairway of the Humber Basin, on-trend with the Saltfleetby gasfield and Keddington oilfield (Egdon 45%) which produces oil from a Carboniferous Westphalian aged reservoir, the principal target at Biscathorpe.The PEDL253 Joint Venture partnership has now completed extensive and detailed studies of the Biscathorpe project, including the reprocessing and remapping of 264 square kilometres of 3D seismic. This work has been integrated with the results of the Biscathorpe-2 well, resulting in a significantly improved understanding of the prospectivity in the Biscathorpe project area. The results of this substantial piece of work have concluded that a possible material and commercially viable hydrocarbon resource remains to be tested.Accessible target areas have been identified, where evidence for a thickened Westphalian sandstone reservoir interval is evident on the reprocessed 3-D seismic. These areas can be targeted by a side-track of the existing Biscathorpe-2 well which was suspended following drilling operations in 2019. The side-track will also target the oil column logged in the underlying Dinantian Carbonate in Biscathorpe-2, as detailed below.The gross Mean Prospective Resources associated with the Westphalian target area are estimated by Egdon to be 3.95 million barrels of oil (mmbbls), with an upside case of 6.69 mmbbls. Preliminary economic modelling demonstrates that the Westphalian target is economically robust in the current oil price environment with break-even full cycle economics estimated at US$18.07 per barrel and an NPV(10) valuation of £55.60 million.The Westphalian objective was absent at the Biscathorpe-2 well location, however, a total of57 metres of oil bearing, Dinantian Carbonate has been confirmed by petrophysical analysis. Hydrocarbon shows with background gas and sample fluorescence were recorded across the entire sectionfrom Top Dinantian Carbonate to the Total Depth (“TD”) of the well (an interval of over 150 metres).A geochemical analysis of the gas data and hydrocarbons extracted from drill cuttings was originally commissioned by Union Jack and carried out by Applied Petroleum Technology (UK) Limited (“APT”). The results of this analysisshow a hydrocarbon column of 33-34 degree API gravity oil comparable with nearby producing fields.An assessment of the Dinantian oil volumes indicates gross Mean Stock Tank Oil Initially in Place (“STOIIP”) of 24.3 mmbbls with an upside STOIIP case of 36 mmbbls.Although the Dinantian is not considered to be the primary target, should there be effective permeability, or the presence of fractures within this section there is the possibility of a further commercially viable play being present within the Biscathorpe licence area that would add considerable resources upside over and above those associated with the principal target in the Westphalian reservoir.Commenting, Mark Abbott, Managing Director of Egdon Resources plc, said:“We are highly encouraged by the post-well evaluation of the Biscathorpe project area which has now benefited from an integrated assessment of the 2019 well data and reprocessed 3D seismic data. This work has concluded that a potentially material and commercially viable hydrocarbon resource remains to be tested.Having retained the wellsite, the JV has maintained its optionality to pursue a cost effective side-track to test the resource potential of not only the Basal Westphalian Sandstone play but also to appraise the oil column demonstrated in the deeper Dinantian Carbonate reservoir. I look forward to being able to update all stakeholders as we progress our plans for this potentially significant oil accumulation.”

March 30, 2020

Wressle Development Update

Egdon Resources plc (AIM: EDR, “Egdon”) is pleased to provide an update on the Wressle development in North Lincolnshire Licences PEDL180 and PEDL182 where the Company holds a 30% operated interest.Given recent events in the oil and gas markets, Egdon has updated its economic model for the Wressle project.This work demonstrates that the project is economically robust in the current low oil price environment with an estimated project break-even oil price of $17.62 per barrel.The Wressle development was granted planning consent on appeal on 17 January 2020. The planning inspector also allowed Egdon’s application for costs against North Lincolnshire Council (“NLC”) and this has subsequently been submitted to NLC.The forward plan for the Wressle development comprises the following key stages

  1. Discharging the planning conditions, finalising detailed designs, tendering and procurement of materials, equipment and services and finalising all HSE documentation and procedures
  2. Installation of the ground water monitoring boreholes and establishment of baseline conditions through monitoring
  3. Reconfiguration of the site
  4. Installation and commissioning of surface facilities
  5. Sub-surface operations
  6. Commencement of production

Progress to date has concentrated on the enabling works highlighted in point 1 above. The initial work on site will be the installation of the groundwater monitoring boreholes with the main site operations occurring in the last months of the work stream. On current plans, the Company envisages first oil during H2 2020.Commenting, Mark Abbott, Managing Director of Egdon Resources plc, said:“Our modelling shows that the Wressle development is economically robust at and below the current oil price and remains a core focus for the business with a current expectation of first oil in the second half of 2020.”

March 18, 2020

East Humber Basin Update - Keddington, Keddington South and Louth

Egdon Resources plc (AIM:EDR, “Egdon” or “the Operator”) notes the announcement made this morning by Union Jack Oil plc (“UJO” or “the Company”) on their acquisition of an additional 35% interest in the producing Keddington Oilfield PEDL005(R) and a 15% Interest in PEDL339 from Terrain Energy Limited. (“Terrain”).Egdon holds a 45% interest in PEDL005(R) and a 65% interest in PEDL339 and is the operator of both licenses.The UJO release refers to technical work undertaken by Egdon on PEDL005(R) and PEDL339 and included the following statements by UJO which are of relevance to Egdon’s shareholders:“Keddington, currently producing approximately 28 barrels of high-quality oil per day from Carboniferous age sandstone reservoirs, is located along the highly prospective East Barkwith Ridge, an east-west structural high on the southern margin of the Humber Basin.A detailed, in-depth subsurface review of the Keddington field and the surrounding licence area was conducted by Egdon during 2019, resulting in a fully audited and consistent data set that supports updated resource estimates generated by the Operator.These geological and geophysical studies indicate that potentially significant resources remain unswept at Keddington, highlighting an excellent opportunity to increase production volumes multi-fold by the drilling of a relatively inexpensive development well from the existing production site.  The gross remaining Mean Contingent Resource at Keddington is 567,000 bbls of oil ”Egdon “is finalising the assessment of potential in-fill drilling locations at Keddington with a view to targeting a side-track drilling location.The Keddington site lease has been extended until 2029.  Current planning consent expires in 2058, with approval in place for the drilling of a further two wells.In addition to the unswept resources in Keddington, a near-field exploration opportunity exists at Keddington South, which has a gross Mean Prospective Resource Volume of 635,000 bbls of oil.As part of this acquisition, the Company is also acquiring a 15% interest in PEDL339 into which the Louth Prospect, with a gross Mean Prospective Resource of 600,000 bbls of oil, extends from PEDL005(R). Significant additional Prospective Resources, both for oil and gas also exist over the licence areas and includes the North Somercotes Prospect”.Commenting on the updated work reported in the UJO release, Mark Abbott, Managing Director of Egdon Resources plc, said:“We are encouraged by the results of the subsurface review of our eastern Humber Basin licences which has identified a new low-risk near-field exploration opportunity at Keddington South, additional resources in our producing Keddington oil field and confirmed low risk resources at Louth.  We believe these opportunities can be targeted by drilling from the current Keddington location and present a number of low-risk/low-cost drilling opportunities for Egdon.We welcome UJO’s increased participation in the licences and continued technical contribution and thank Terrain for their active involvement  to date.”

March 9, 2020

H1 2020 Production Update and Notice of Interim Results

Egdon Resources plc (AIM:EDR) is pleased to provide an update on production for the first half of the Company’s 2019-2020 financial year (“H1 2020” or “the Period”) which ended on 31 January 2020.Production during the Period was 32,758 barrels of oil equivalent (“boe”), at an average of 178 boe per day (“boepd”) (H1 2019: 30,026 boe, 164 boepd). This is in line with previous guidance for H1 of 170-180 b/d. The previously stated guidance of 130-140 boepd for the full year remains valid. Production was attained from the Ceres gas field and the Keddington and Fiskerton Airfield oil fields.The Company’s interim results for H1 2020 are scheduled to be announced on 21 April 2020.Commenting on the update, Mark Abbott, Managing Director of Egdon Resources plc, said:“2020 has started positively for Egdon, with continued strong production across our portfolio, a positive outcome to the Wressle planning inquiry and the announcement of a farm-in by Shell U.K. Limited into our offshore Resolution and Endeavour projects.Our current focus is on the Wressle field development, where we are working to discharge the planning conditions ahead of commencing site works. We will provide shareholders with a detailed update on Wressle and the Biscathorpe project following Joint Venture meetings in the coming weeks.”

February 26, 2020

P1929 and P2304 Farm-In Agreement with Shell U.K. Limited

Further to our announcement of 20 January 2020, Egdon Resources plc (AIM:EDR) is pleased to announce the signature of a Farm-In Agreement with Shell U.K. Limited (“Shell”) in relation to UK offshore licences P1929 and P2304 (“the Licences”) which contain the Resolution and Endeavour gas discoveries respectively.Egdon subsidiary, Egdon Resources U.K. Limited (‘ERUK’) currently holds a 100% interest in both licences.Under the terms of the farm-in agreement;

  • Shell will acquire a 70% working interest in Licences P1929 and P2304, and be appointed as the licence operator
  • ERUK will retain a 30% non-operated interest in the Licences
  • As consideration, Shell will pay 85% of the costs of the acquisition and processing of a 3D seismic survey covering both the Resolution and Endeavour gas discoveries with the carry on the acquisition costs capped at US$5 million gross, beyond which it would pay 70% of the costs ; and
  • Shell will also pay 100% of all studies and manpower costs up to a well investment decision on the Licences

The farm-in is conditional upon;

  • Approval from the Oil & Gas Authority (“OGA”); and
  • Agreement of a mutually acceptable forward work programme and timeline with the OGA

In December 2019 Egdon announced that the OGA had granted extensions to the Licences to 31 May 2020 subject to securing a farm-in agreement by 31 January 2020 (which this agreement fulfils) and to demonstrating by the 31 March 2020, that the Licensees are on track to deliver a future programme of 3D seismic data acquisition across both Licences (which is in progress). Egdon and Shell will now engage with the OGA to agree the nature and timing of the forward work programme which will enable further licence extensions to be granted to accommodate this.A Competent Person’s Report prepared by Schlumberger Oilfield UK PLC (April 2019) reported Mean Contingent Gas Resources of 231 billion cubic feet of gas (“bcf”), with a P90 to P10 range of 100 to 389 bcf, attributable to the Resolution gas discovery (P1929). The Resolution discovery was made by Total in 1966 when well 41/18-2 flow tested gas from the Permian aged Zechstein carbonate (limestone) reservoir. Additionally, Egdon estimates that the Endeavour gas discovery (P2304) contains Mean Contingent Resources of 18 bcf, with a P90 to P10 range of 10 to 28 bcf.Commenting on Shell’s farm-in to these licences, Mark Abbott, Managing Director of Egdon Resources plc, said:“We are delighted to have signed a farm-in agreement with Shell in respect of these highly prospective licences.  This transaction validates our views on the potential of these blocks and introduces a highly experienced and respected operator to progress appraisal activity on the Resolution and Endeavour gas discoveries.  In difficult market conditions Egdon has secured a substantial carry on costs to the well investment decision whilst retaining a material 30% interest in the licences.  Our immediate focus will be to work with Shell to agree a forward work programme and timeline for the licences with the OGA.  The first part of this work programme will be the acquisition of a marine 3D seismic survey to enable a decision on the contingent appraisal well.  We look forward to working with Shell and benefitting from their substantial worldwide operational experience and expertise, including in the development of carbonate reservoirs of this type.”

January 21, 2020

P1929 and P2304 Extension to term of Exclusivity Agreement

The Company is pleased to provide an update to the announcement of 4 November 2019, regarding the exclusivity agreement (the “Agreement”) in respect of Licences P1929 and P2304 (the “Licences”) with a large internationally recognised exploration and production company (the “Counterparty”). Egdon Resources U.K. Limited and the Counterparty have agreed to a short extension to the deadline (from 19 January 2020) for execution of a definitive “farm-out” agreement under the terms of the Agreement.The short extension will run until 23 January 2020 to provide time for the completion of the farm-in documentation.Until the definitive agreement is signed, no assurance can be given that a commercial transaction will ultimately be concluded with the Counterparty.Mark Abbott, Managing Director of Egdon Resources plc, said:“Having secured extensions to the Licences during November 2019, we have made excellent progress in respect of agreeing the terms and preparing the documentation for a potential farm-in by the Counterparty.”

January 20, 2020

Wressle Development Granted Planning Consent on Appeal

Egdon Resources plc (AIM:EDR) is pleased to report that the Planning Inspectorate has today upheld our appeal and granted planning consent for the development of the Wressle Oil Field in North Lincolnshire licences PEDL180 and PEDL182.The Inspector also allowed the application for an award of costs against North Lincolnshire Council.Mark Abbott Managing Director of Egdon Resources plc, said:“I am delighted that the Planning Inspectorate has made this positive determination in relation to this important asset for Egdon and our JV partners. We will now begin work on discharging the planning conditions and the detailed planning for the development works.We will continue to keep shareholders and the local community informed.”Wressle project page

January 17, 2020

Results of Annual General Meeting

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 19 December 2019, all resolutions put before shareholders at the meeting were duly passedView or Download Voting Results and Proxy AppointmentsAt 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.

December 20, 2019

Grant of Licence Extensions: P1929 and P2304

Egdon Resources plc (AIM:EDR) is pleased to advise that the Oil and Gas Authority (“OGA”) has granted licence extensions to UK offshore licences P1929 and P2304. Egdon’s subsidiary, Egdon Resources U.K. Limited (‘ERUK’), is the operator and currently holds a 100% interest in both licences.The OGA has granted a six month extension to both P1929 and P2304 (“The Licences”) to 31 May 2020 with obligations as follows:

  1. By 31 January 2020, demonstrate to the OGA’s satisfaction that a farm-in agreement has been fully executed which provides for funding of the licence work programme; and
  2. By 31 March 2020, demonstrate to the OGA’s satisfaction that the Licensee is on track to deliver a future programme of 3D seismic data acquisition across both Licences.

We anticipate further engagement with the OGA during the period of the licence extension to agree the nature and timing of the forward work programme and to reach agreement on the duration of a further licence extension to accommodate these activities.P1929 contains the Resolution gas discovery where a Competent Persons Report by Schlumberger Oilfield UK PLC (April 2019) reported estimates of mean Contingent Gas Resources of 231 billion cubic feet of gas (“bcf”) with a P90 to P10 range of 100 to 389 bcf, attributable to the Zechstein reservoir in the 1966 gas discovery made by Total in well 41/18-2. P2304 contains an extension of the Resolution discovery and the Endeavour gas discovery which Egdon estimates contains mean Contingent Resources of 18 bcf, with a P90 to P10 range of 10 to 28 bcf.Today’s news follows from our announcement of 4 November 2019, advising that ERUK had signed an exclusivity agreement (the “Agreement”) in respect of Licence P1929 and P2304 with a large internationally recognised exploration and production company (the “Counterparty”).Despite entry into the Agreement, no assurance can be provided that a commercial transaction will ultimately be concluded with the Counterparty. The Company will provide further updates in respect of these matters in due course.Commenting, Mark Abbott, Managing Director of Egdon Resources plc, said:“We are pleased to have secured extensions from the OGA for both P1929 and P2304 which contain the Resolution and Endeavour gas discoveries, key conventional projects for Egdon.  This follows on from our recent announcement of securing an Exclusivity Agreement with a large internationally recognised exploration and production company as our preferred partner for Resolution and Endeavour. Today’s news represents further positive progress for these projects and results from the proactive and constructive engagement  between Egdon, the Counterparty and the OGA.  Having secured the licence extensions, our focus now turns to finalising a farmout agreement and we look forward to updating shareholders on progress in this regard in the New Year.”

November 27, 2019

Results for the year ended 31 July 2019

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 2019 (“the Period”).View or Download Results for the year ended 31 July 2019View or Download Annual Report 2019View or Download Form of Proxy 2019

November 19, 2019

Wressle Development Public Inquiry Concluded

Egdon Resources plc (AIM:EDR) is pleased to provide an update on the Wressle Development Public Inquiry.The Wressle Development Public Inquiry concluded yesterday, having commenced on 5 November 2019 in Scunthorpe, Lincolnshire. The inquiry lasted just three days, including a site visit, instead of the planned six days. As previously announced North Lincolnshire Council presented no evidence against the appeal. An application for costs has also been submitted.With a general election underway and resultant Planning Inspectorate purdah we expect a verdict on our appeal after 12 December 2019 but probably before the end of the year.Commenting, Mark Abbott, Managing Director of Egdon Resources plc, said:“We presented a very strong case, supported by detailed evidence and agree with the conclusions of the Council’s own professional planning officer. This was reinforced by an expert third party review undertaken on behalf of the Council, who recommended our revised application for approval ahead of the November 2018 decision.”

November 8, 2019

Government Moratorium on Hydraulic Fracturing for shale-gas

Egdon Resources plc (AIM:EDR) notes the announcement by government that it will introduce a temporary moratorium on hydraulic fracturing for shale gas.Over the last 6 years Egdon has built a significant acreage position in UK unconventional resources focused on the Gainsborough Trough in Eastern England. The results from the Springs Road-1 well drilled earlier this year, have shown the potential for a world class gas resource in this basin, with analysis indicating gas in place of 640 billion cubic feet of gas per square mile. Each basin and site is different and the Gainsborough Trough is characterised by its simple structure and limited faulting.We note the comment made by Oil and Gas Authority (OGA) Director of Regulation Tom Wheeler who stated that “the OGA believes that further detailed geomechanical analysis would be needed before we could evaluate with confidence whether hydraulic fracturing could resume in the Fylde, or elsewhere, consistent with the Government’s policy aims”. Egdon along with the rest of the industry is fully committed to working closely with the OGA and other regulators to demonstrate that we can operate safely and in an environmentally responsible manner, and we are confident of doing so.We also reiterate the comments of Ken Cronin, Chief Executive of UK Onshore Oil and Gas, the industry body in his response to the announcement; “Since shale gas exploration commenced in England we have confirmed a world-class resource. Flow testing and core sampling across Lancashire and North Nottinghamshire show that our high-quality indigenous gas can reach the surface, leaving the UK with no excuse to continue importing overseas gas that generates double the emissions and provides British workers, businesses and communities with no economic benefit.“As the Committee on Climate Change has stated, there will be a significant need for natural gas in 2050, approximately 70% of our current consumption, to meet our future demand for hydrogen.“The Committee also reiterated in their Net Zero report something any climate change conscious Government should pay heed to: it is essential that we do not simply offshore our emissions – and environmental responsibilities – to other countries.”Mark Abbott, Managing Director of Egdon said;Whilst growth of our unconventional resources asset base has formed an important and successful part of Egdon’s strategy over recent years, it should be remembered that Egdon also has a broad range of conventional oil and gas assets within its diverse portfolio. We expect numerous catalysts across the conventional portfolio in the coming months, including further positive developments relating to today’s announcement of entering an exclusivity agreement with respect to a farmout of the offshore Resolution and Endeavour gas discoveries with a large internationally recognised exploration and production company. We will now take some time to review the detail of the OGA report and the government announcement of a temporary moratorium and its implications for our business before reporting to shareholders in due course. My immediate focus is on presenting our case to the Planning Inspector at the Public Inquiry for the Wressle oil field development which commences tomorrow (5 November 2019) in Scunthorpe and is scheduled to last up to six days.

November 4, 2019

P1929 and P2304 Farm-out Exclusivity Agreement

Egdon Resources plc (AIM:EDR) is pleased to provide an update on the farm-out process in relation to the Resolution and Endeavour gas discoveries in UK offshore licences P1929 and P2304 respectively. Egdon subsidiary, Egdon Resources U.K. Limited (‘ERUK’), is the operator and currently holds a 100% interest in both licences.Following an extensive farm-out process, the Company can announce that ERUK has signed an exclusivity agreement (the “Agreement”) in respect of Licence P1929 and P2304 with a large internationally recognised exploration and production company (the “Counterparty”). Exclusivity has been granted to the Counterparty subject to a definitive farm out agreement or other definitive legal agreement(s) being entered into by 19 January 2020 and completion occurring by 19 April 2020.Given the exclusivity arrangement, discussions and negotiations with other parties have been suspended and the data room closed while the Agreement is in place.In April 2019 we announced the results of a Competent Person’s Report (“CPR”) prepared by Schlumberger Oilfield UK PLC in relation to the Resolution gas discovery. Schlumberger has made independent estimates of mean Contingent Gas Resources of 231 billion cubic feet of gas (“bcf”) with a P90 to P10 range of 100 to 389 bcf, that can be attributed to the Zechstein reservoir in the 1966 gas discovery made by Total in well 41/18-2 (UK)Egdon has previously submitted a request to the Oil and Gas Authority (“OGA”) for an extension to P1929 and P2304 both of which otherwise expire at the end of November 2019 and are hopeful of receiving confirmation from the OGA in respect of these extensions in the near future.Despite entry into the Agreement, no assurance can be provided that a commercial transaction will ultimately be concluded with the Counterparty. The Company will provide further updates in respect of these matters in due course.Commenting, Mark Abbott, Managing Director of Egdon Resources plc, said:“We are delighted to have agreed exclusivity with a large internationally recognised exploration and production company as our preferred partner for Resolution and Endeavour. In our view, the calibre of the proposed partner reflects the upside potential associated with these assets and validates our strategy to add them to our portfolio.  This represents a major step forward for these projects and results from the significant work undertaken by the team over a prolonged period. We look forward to working closely with the Counterparty to progress negotiations and due diligence and will of course update shareholders on progress in due course.”

November 4, 2019

Operations Update

Egdon Resources plc (AIM:EDR) is pleased to provide an update on production and operations following the end of the Company’s 2018-2019 financial (“FY2019”) on 31 July 2019. The Company’s preliminary results are scheduled to be announced on 19 November 2019.ProductionEgdon’s net production from the Ceres gas field and the Keddington and Fiskerton Airfield oil fields during FY2019 period was 66,364 barrels of oil equivalent (“boe”), at an average of 182 boe per day (“boepd”) (FY2018 12,691 boe, 70 boepd), in line with previously stated guidance. Production recommenced from the Ceres well in late October 2018 following installation of a new flow meter driving a significant increase in production over the previous financial year.Egdon will provide production guidance for the financial year ending 31 July 2020 (“FY2020”) with the preliminary results, but initial guidance for the first half of the financial year is c. 170-180 boepd with Mercury gas backout volumes receivable by Ceres partners ceasing at the end of December 2019.OperationsLicence extensionsEarlier this year Egdon applied for and received a number of onshore licence extensions from the Oil and Gas Authority as follows:

  • Continuation of the Second Term of PEDL180 and PEDL182 to August 2021.
  • Initial Terms were extended for PEDL143 (to September 2022), PEDL306 (to July 2024), PEDL334 (to July 2024).
  • Retention Area licence durations were extended for PEDL191 (to June 2023), PEDL201 (to June 2024) PEDL202 (to June 2023) and PEDL209 (to June 2023).
  • PEDL181 was converted to 14th Round terms and passed into the production period.

Springs Road-1On 12 September 2019, Egdon announced the results of the core analysis with combined Bowland shale gas in place of 640 bcf/square mile (“the resource density”). This is more than three times Egdon’s previous external estimates of the mean resource density for the entire Bowland Shale section in PEDL139/140 as reported by ERCE in 2014.The results from this extensive modern dataset demonstrate that the Bowland Shale of the Gainsborough Trough, where Egdon currently holds 82,000 net acres (128 square miles), compares favourably with some of the best US commercial shale plays and is potentially world class.The company looks forward to sharing further data on the well as it becomes available, particularly on the secondary target, the tight gas sands of the Millstone Grit.BiscathorpeFurther detailed technical analysis of the data from the Biscathorpe-2 well reported in July 2019 has upgraded the well results. The results of a revised petrophysical analysis and detailed geochemical analysis of drill cutting samples undertaken by Applied Petroleum Technology (UK) Limited (“APT”) confirmed the likely presence of a 35 metre column, of good quality oil, within the Dinantian interval. This, along with the elevated gas readings and oil shows over an extended interval in the well, are indicative of proximity to an effective petroleum system and validate the potential that exists within the PEDL253 licence area.Subsequent to our last update substantial progress has been made, including the reprocessing of 85 square kilometres of the existing 3D seismic data. The results of the interpretation of these data will be reported on in due course and will inform the next steps for the project which could include a side track of the suspended Biscathorpe-2 well that would target reservoirs in the Westphalian and Dinantian. Any future drilling would require additional consents including planning permission.WressleThe Wressle oil development has the potential to add 150 bopd to the Company’s production. Egdon’s extensively revised development proposals for the Wressle oil discovery were refused planning consent in November 2018, with that refusal appealed in February 2019.The public inquiry in respect of Egdon’s appeal against this refusal will be held between 5 and 13 November 2019. Egdon’s case will be presented by a QC supported by expert witnesses. The timing of the public inquiry has resulted in the company delaying its preliminary results announcement to 19 November 2019.As advised in July 2019, North Lincolnshire Council will no longer present evidence at the public inquiry having withdrawn its case in respect of this appeal following agreement of acceptable planning conditions during August 2019. A decision is expected around the turn of the year. Should approval be forthcoming Egdon will need to discharge all conditions prior to commencing operations and would hope to have first production some six months after a decision.

October 1, 2019

Springs Road Update – Resource Density in Bowland Shales

Egdon Resources plc is pleased to note the announcement made this morning by IGas Energy plc (“IGas”) of its First Half 2019 Results and associated presentation which provides further details of results from the analysis of whole core from the Springs Road-1 (“SR 01”) well on licence PEDL140, in which Egdon holds a 14.5% interest.The IGas release states;“ We mobilised the equipment to our Springs Road development in North Nottinghamshire in early January 2019 and spudded the well on 22 January 2019. In mid-February 2019, we encountered shales on prognosis, at c.2,200 metres depth and drilled through a significant hydrocarbon bearing shale sequence, including the upper and lower Bowland Shale.The well sought to assess three target zones: the Bowland Shale; the Millstone Grit and the Arundian Shale. All three targets were encountered, with 429 metres of hydrocarbon bearing shales encountered within the primary target, the Bowland Shale.IGas acquired 147 metres of core within the Bowland Shale, the first extensive core sample from this basin, which has subsequently been analysed by Stratum Reservoir (formerly Weatherford Labs) in their laboratories in both the UK and the USA.The results from the core analysis are extremely positive and confirm that a significant hydrocarbon resource is present in the Gainsborough Trough. Following further detailed analysis, the core results are as follows:SR-01 Upper BowlandSR-01 Lower BowlandOrganic content3.2% (0-8.4%)2.5% (0-6.6%)Maturity (Ro)c. 1.17%c.1.29%Shale thickness179m305mApprox. depth2,109-2,288m2,288-2,593mClay content43%22%Matrix porosity4.8% (1-11%)3.0% (1-9%)Natural fracturingYesYesEstimated GIIP bcf/Sq mile* (Adsorbed and free)*231409*volumetric estimates based on SR-01 data only, no regional data has been incorporated and as such does not account for thickness variations and reservoir heterogeneity within the basin. Secondary (Millstone Grit) and tertiary (Arundian shale) targets excluded.”A presentation including slides on Springs Road -1 core data analysis will be available later today at IGas’ website http://www.igasplc.com/Commenting on these results, Mark Abbott, Managing Director of Egdon Resources plc, said:“We continue to be encouraged by the results from Springs Road-1, particularly the combined Bowland shale gas in place of 640 bcf/square mile (“the resource density”).  This is more than three times Egdon’s previous external estimates of the mean resource density for the entire Bowland Shale section in PEDL139/140 as reported by ERCE in 2014.The results from this extensive modern dataset demonstrate that the Bowland Shale of the Gainsborough Trough, where Egdon currently holds 82,000 net acres (128 square miles), compares favourably with some of the best US commercial shale plays and is potentially world class.   We look forward to sharing further data on the well as it become available, particularly on the secondary target, the tight gas sands of the Millstone Grit”

September 12, 2019

PEDL143 Update

Egdon Resources plc notes the announcement made this morning by UK Oil & Gas PLC (“UKOG”) concerning a two year extension of PEDL143 in the Weald Basin where Egdon has an 18.4% interest:The UKOG release stated;“UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that the Oil and Gas Authority (“OGA”) has granted a two-year extension to the initial term of the Company’s operated PEDL143 licence (UKOG 67.5%, northern Weald, “A24” prospect). The initial term will now end on 30 September 2022.PEDL143 “A24” ProspectThe licence lies immediately to the west of the Company’s Horse Hill licences (UKOG 85.635%) and contains the significant “A24” Portland and Kimmeridge oil prospect, a direct geological look-alike to the Company’s Horse Hill oil field, situated on-trend some 8km to the east. Several smaller prospects of similar size to the nearby Brockham Portland oil field have also been identified. Multiple potential new drilling sites outside the nearby Area of Outstanding Natural Beauty are under evaluation and drilling is now scheduled to follow directly after the completion of the Company’s 9-well 2019/2020 drilling programme, subject to the grant of necessary regulatory approvals.”

August 20, 2019

Wressle Planning Appeal Update

Egdon Resources plc (AIM: EDR) notes the movement in its share price and the speculation surrounding the Wressle Oil Field. As notified on 29 April 2019, the planning inquiry to hear the Company's appeal against the refusal of planning consent for the development of the Wressle Oil Field by North Lincolnshire Council's Planning Committee is scheduled to commence on 5 November 2019.The Company has been advised that following a closed meeting held by North Lincolnshire Council (“NLC”) on 17 July 2019, a decision has been made that NLC will not be presenting evidence at the Public Inquiry and will withdraw its case in respect of this appeal subject to the agreement of acceptable planning conditions.While the Company considers this to be a very positive development, we still need to obtain planning permission via appeal and the Company remains focused on presenting its case for the Wressle development to the independent professional Planning Inspector in November.

July 29, 2019

Biscathorpe-2 Well Results Update

Egdon Resources plc (AIM:EDR) is pleased to provide a positive update in respect of the Biscathorpe-2 exploration well drilled in Petroleum Exploration and Development Licence PEDL253, located in Lincolnshire, where Egdon holds a 35.8% interest. The Biscathorpe-2 well is located within the proven hydrocarbon fairway of the Humber Basin, on trend with the Saltfleetby gasfield and the Keddington oilfield which produces oil from a Carboniferous Westphalian aged sandstone reservoir (“Westphalian”) and which was the principal target in the Biscathorpe-2 well. The initial well results were reported on 20 February 2019. During drilling elevated gas readings were recorded from the Westphalian and below this over the total 157 metre Dinantian Limestone interval (“Dinantian”) along with the presence of oil shows (pale white blue cut fluorescence) in both Westphalian and Dinantian cuttings samples. The Biscathorpe-2 well was suspended to allow the option for a future side-track to be made following the re-processing and re-mapping of up to 85 square kilometres of existing 3D seismic data.Since reporting the initial well results, further detailed technical analyses of the data from the Biscathorpe-2 well have been undertaken, including an updated petrophysical evaluation by both Egdon and Union Jack’s petrophysical consultants which focussed specifically on the Dinantian. These petrophysical analyses indicated hydrocarbon saturations of greater than 50% within the upper parts of the Dinantian.Union Jack, Montrose Industries Limited, and Egdon Resources plc, also appointed independent geotechnical consultants, Applied Petroleum Technology (UK) Limited (“APT”), to perform a detailed geochemical analysis of drill cutting samples taken from 20 intervals in the Biscathorpe-2 well, comprising five from the Westphalian and 15 from the Dinantian. The objective of the APT analysis was to provide geochemical evidence for the presence of live hydrocarbons together with an estimate of the likely oil quality (the “APT Report”).The APT Report has confirmed the occurrence of hydrocarbons in the Westphalian and Dinantian cutting samples analysed from the Biscathorpe-2 well. The APT Report also confirmed that the data supports the existence of a significant column of good quality oil ( high API gravity), within the Dinantian, validated by the presence of a full suite of gases ranging from methane to pentane (C1 to C5 and nC5) recorded during drilling, all indicative of a working petroleum system in close proximity to the Biscathorpe-2 well.A sample of oil from the nearby producing Keddington oilfield to the east of PEDL253, was analysed as a benchmark for comparison with the hydrocarbons extracted by APT from the Biscathorpe-2 cutting samples.The key results contained in the APT Report are summarised below:

  • Good quality hydrocarbon extracts were obtained from the Westphalian and Dinantian cuttings samples
  • All hydrocarbons extracted appear to be non-biodegraded
  • The hydrocarbons extracted are comparable to those extracted from a known oil-bearing Westphalian interval (Keddington oilfield)
  • APT confirmed the likely presence of a live oil column in the top of the Dinantian interval from approximately 1,980 metres to 2,015 metres (35 metres), with likely residual oil below
  • Data evaluated at the base of the analysed section, and wellsite gas readings, are also suggestive of possible additional hydrocarbon pay below 2,133 metres
  • API gravity results in the Biscathorpe-2 well intervals were as follows:

Westphalian interval35⁰ APIDinantian interval33-34⁰ APIThe results of the APT Report together with re-processed 3D seismic data will be integrated to inform the direction of any potential future side-track of the Biscathorpe-2 well that would target the Westphalian and Dinantian.Commenting on these positive results Mark Abbott, Managing Director of Egdon, said:“The results of the revised petrophysical analysis and the APT Report have upgraded the Biscathorpe-2 well result, confirming the likely presence of a 35 metre column, of good quality oil, within the Dinantian interval.  This along with the elevated gas readings and oil shows over an extended interval in the well are indicative of proximity to an effective petroleum system and validate the potential that exists within the PEDL253 licence area.The primary target reservoir at Biscathorpe, the Basal Westphalian sandstone, was likely absent at the Biscathorpe-2 location and remains untested by the well. Further technical work is planned, including the reprocessing of the existing 3D seismic data, prior to deciding the next steps for the project which could include a side-track of the suspended Biscathorpe-2 well. “We look forward to updating shareholders further once the results of the 3D reprocessing are finalised.”

July 15, 2019

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