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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.”

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.”

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

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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.

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.”

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”.

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

Annual Report2021 Annual Report and Accounts2021 AGMNotice of AvailabilityEgdon Chairman Letter AGM Notice to be held on Thursday 16 December 2021Egdon Proxy for AGM to be held on Thursday 16 December 2021