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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”.

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.”

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.”

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

View or Download - Evershed - TR1 Notification - 26042021

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.

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.”

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