Latest news

Egdon Resources plc (AIM:EDR) is pleased to announce the appointment of Paul Jenkinson as a Non-Executive Director of the Company with immediate effect. Paul is Chief Executive Officer of Alkane Energy plc, which holds 40,000,000 ordinary shares of Egdon representing approximately 18 per cent. of Egdon’s issued share capital. As a result of Paul’s appointment, Neil O’Brien, who has been Alkane’s representative non-executive director on the Egdon Board, has resigned with immediate effect.Paul Thomas Hardman Jenkinson, aged 55, is currently a Director of, or during the past five years has been a Director of, the following companies:Current DirectorshipsAlkane Biogas LimitedAlkane Energy plcAlkane Energy UK LimitedAlkane Services LimitedCoalgas (Cymru) LimitedCoalgas (Europe) LimitedDarent Power LimitedEastern Pegasus LimitedLeven Power LimitedMW Renewables LimitedNewland Energy LimitedRegent Park Energy LimitedSeven Star Natural Gas LimitedFormer Directorships (held in the previous five years)Ascent Integrated Support Services LimitedBioGen Power LimitedBiossence (East London) LimitedPartygamesuk LimitedThere are no other details regarding the appointment of Paul Jenkinson that require disclosure under the AIM Rules.

The Company has been informed that following today’s announcement in relation to the 14^th Round, Mark Abbott, Managing Director, purchased 150,000 ordinary shares in the Company at a price of 9.875 pence each via his SIPP. Mr Abbott's total beneficial shareholding in the Company is now 7,813,824 ordinary shares, representing 3.53 per cent of the issued share capital of the Company.

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 3 December 2015, all resolutions put before shareholders at the meeting were duly passed unanimously.

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

Details of the voting and proxies received can be viewed here

View or Download Full Release

Egdon Resources plc (AIM:EDR) announces that as part of its annual incentive review it has granted options to the following Directors.DirectorNumber of Options grantedExercise Price (pence)Vesting DateExercisable UntilMark Abbott979,3819.71 August 201631 December 2026Jerry Field824,7429.71 August 201631 December 2026Following the grant of the options, which are effective 14^th November, the interests of the Directors in the share capital of the Company are as follows:DirectorTotal number of Options held over Ordinary SharesNumber of Ordinary Shares heldMark Abbott2,561,5357,563,824Jerry Field2,497,6170In 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 4,134,021.

View or Download Final Results Press Release

Egdon Resources plc (AIM:EDR) is pleased to provide an update on operations and plans for the Wressle oil and gas discovery located to the east of Scunthorpe in Lincolnshire on licence PEDL180 where Egdon operates with a 25% interest.

As announced previously, it had been the PEDL180 joint venture (JV) partners’ intention to undertake further well test operations on both the Ashover Grit and Penistone Flags intervals. However, since completion of the Extended Well Test (“EWT”) operations in early September 2015, the group has completed a detailed review of the data gathered to date and are now sufficiently comfortable to continue working towards compiling a field development plan (“FDP”) without requiring further time-consuming and costly testing operations.

As previously reported, flow rates from the Ashover Grit measured in the initial testing phase (80 barrels of oil per day (“bopd”)) were affected by localised near well bore formation damage (high “Skin” factor) and so are not representative of the flow rates that could be attained from this interval. Reservoir engineering analyses of the well test pressure and production data indicates that initial production rates in excess of 500bopd could be anticipated if the effects of the “Skin” can be successfully countered. It is therefore the JV’s intention that plans for the development of Wressle will include a comprehensive suite of operations and procedures, designed to mitigate the impact of the “Skin” on production rates, which form part of the initial workover programme for the well to prepare it for long-term production.

Egdon and the PEDL180 partners now plan to progress to an agreed FDP for Wressle with a view to it being ready in Q1 2016 for submission to the Oil and Gas Authority (“OGA”) for approval. The FDP will be compiled using drilling and test data from the well together with reprocessed 3D seismic data to quantify the developable resource volumes attributable to Wressle. In addition, planning and permitting applications will also be required to be submitted to North Lincolnshire Council and the Environment Agency.

Production from Wressle is currently expected to be phased, with initial development focused on the Ashover Grit oil reservoir.

Commenting on the update, Mark Abbott, Managing Director of Egdon Resources said:

“We are delighted that the petroleum engineering and geotechnical work conducted to date has given the PEDL180 joint venture sufficient confidence to move directly towards FDP preparation for Wressle, without further costly and time-consuming testing. We are now focussed on delivering the required consents to enable us to commence commercial oil production from the Ashover Grit in H2 2016.”

Notes to Editors:

The Wressle Oil Discovery -The Wressle Prospect was defined on proprietary 3D seismic data, which was acquired by Egdon in February 2012. The structure is located on trend with the producing Crosby Warren oil field and the Broughton-B1 oil discovery, both to the immediate northwest, and the Brigg-1 oil discovery to the immediate southeast. All contain oil in various different sandstone reservoirs within the Upper Carboniferous succession. The pre-drill gross mean Prospective Resources at Wressle, as calculated by Egdon, were estimated to be 2.1 million barrels (“bbl”) of oil. This will be updated following a review of the drilling and test data together with the results of the interpretation and mapping of the re-processed 3D seismic data.

The Wressle-1 well reached a total depth (TD) of 2240 metres measured depth (MD) (1814 metres true vertical depth below OS datum (TVDSS)) on 23 August 2014. Elevated mud gas readings were observed over large parts of the interval from the top of the Penistone Flags reservoir target (1831.5 metres MD) to TD. The interests in the Wressle-1 well are:

Egdon Resources U.K. Limited 25.00% (Operator)Celtique Energie Petroleum Limited 33.33%Europa Oil & Gas Limited 33.34%Union Jack Oil plc 8.33%The well was logged using measurement whilst drilling (MWD) logging tools run on the drill string. Petrophysical evaluation of the log data indicated the presence of potential hydrocarbon pay in three main intervals;

• Penistone Flags – up to 19.8 metres measured thickness (15.9 metres vertical thickness)
• Wingfield Flags – up to 5.64 metres measured thickness (5.1 metres vertical thickness)
• Ashover Grit – up to 6.1 metres measured thickness (5.8 metres vertical thickness)

On 9 February 2015, shareholders were updated on the successful Ashover Grit Flow Test, which recorded flow rates of 80 barrels of oil per day and 47 thousand cubic feet of gas per day during a 16 hour main flow period. No appreciable volumes of water were observed. The oil is of good quality with a gravity of 39-40° API.On 19 February 2015, shareholders were updated on the successful Wingfield Flags Flow Test, which recorded flow rates of up to 182 barrels of oil per day of good quality 39-40° API oil on free flow, along with up to 456 thousand cubic feet of gas per day.On 27 February 2015, shareholders were updated on the initial successful Penistone Flags test, which produced gas at facilities-restricted flowrates of up to 1.7 million cubic feet of gas per day with associated oil of up to 12 barrels of oil per day and no free water.On 27 March 2015, shareholders were updated on the second successful Penistone Flags test. Zone 3A in the Penistone Flags was perforated over a 7.5 metre interval and produced good quality oil with a gravity of 33^o API. A total of 98.5 barrels of oil were recovered during the test (of which flow induced by swabbing operations produced 34.3 barrels of oil). This equates to a rate of approximately 77 barrels of oil per day (bopd).During the current EWT the Zone 3A perforations were produced for a total of 254hrs over a 13 day period from the 5th to 17th July 2015. Zone 3A was initially produced by sucker rod pump and was then allowed to free flow to surface after the wellbore and perforations had fully cleaned-up. Over the full 13 day period the following separator cumulative volumes were produced: - 1,127 barrels (“bbl”) of oil, 147 bbl of kill brine and 2,790 Mscf of gas.Operations at the Wressle site will not involve the process of high volume hydraulic fracturing (‘fracking’) for shale gas.Egdon Resources plc (LSE: EDR) is an established UK-based exploration and production company primarily focused on onshore exploration and production in the hydrocarbon-producing basins of the UK and France.Egdon currently holds interests in thirty four licences in the UK and France and has an active programme of exploration, appraisal and development within its balanced portfolio of oil and gas assets. Egdon is an approved operator in both the UK and France.Egdon was formed in 1997 and listed on AIM in December 2004.In accordance with the AIM Rules - Note for Mining and Oil and Gas Companies, the information contained in this announcement has been reviewed and signed off by the Managing Director of Egdon Resources plc Mark Abbott, a Geoscientist with over 26 years' experience.Evaluation of potential recoverable hydrocarbons has been assessed in accordance with 2007 Petroleum Resources Management System prepared by the Oil and Gas Reserves Committee of the Society of Petroleum Engineers (SPE) and reviewed and jointly sponsored by the World Petroleum Council (WPC), the American Association of Petroleum Geologists (AAPG) and the Society of Petroleum Evaluation Engineers (SPEE).

Egdon Resources plc (LSE: EDR) is pleased to note that Europa Oil and Gas (Holdings) plc (“Europa”) has today announced that the Surrey County Council’s Planning & Regulatory Committee has granted permission for the underground drilling corridor for the Holmwood Exploration Well in PEDL143 in Surrey.Europa’s RNS contained the following information:“Europa Oil & Gas (Holdings) plc … is pleased to confirm that Surrey County Council’s Planning & Regulatory Committee has granted permission for the underground drilling corridor of an exploratory borehole at the Holmwood prospect (‘Holmwood’) in the PEDL143 licence in the Weald Basin. Europa holds a 40% interest in PEDL 143, which contains the conventional Holmwood prospect, alongside Egdon Resources (18.4%), Altwood Petroleum (1.6%), Warwick Energy (20%) and UK Oil & Gas Investments (20% subject to completion of farm-in).The Holmwood prospect is to be drilled as a deviated exploration well. Europa and its partners now have planning permission for both the surface site and the underground drilling corridor. Next steps will include fulfilment of planning conditions and commencement of detailed drilling planning and environmental permitting. It is anticipated that drilling will take place in late 2016 or in 2017. Europa and its partner Warwick Energy intend to farm out some of their combined 60% equity in licence PEDL 143. The farm out process has already commenced and further updates will be provided as when it is appropriate to do so. An application for planning permission to drill the Holmwood prospect on PEDL143 was submitted in 2008 and was dismissed by Surrey County Council in 2011. A planning appeal in 2012 was dismissed by the Planning Inspectorate. Europa successfully challenged this decision in the High Court in 2013. In 2014 the Court of Appeal upheld the 2013 High Court judgment in the Company’s favour and a second planning appeal was heard at an eight day public inquiry in April and June 2015. The Planning Inspectorate issued a decision to allow the remitted appeal on 7 August 2015 and Surrey County Council allowed planning permission for the underground drilling corridor on 23 September 2015.Europa provided the following information in its Geological Proof of Evidence submitted at the Planning Inquiry in April 2015: “In the event of a successful oil discovery at Holmwood and based on the most likely resource in place then the field is projected [by Europa] to have a Present Value of around £137 million at 60 $/bbl oil price in 2015 rising to 92 $/bbl by 2018 and inflated at 2% thereafter. After taking costs and discounting into account the Net Present Value to the Government based on current taxation rates will be around £86 million with around £51 million accruing to the Licensee group. As such the Holmwood prospect is considered of material value to both the Government and the Licensee.” CEO Hugh Mackay said “Following Surrey County Council’s favourable decision, we are meeting with our joint venture partners and reviewing plans to take the Holmwood prospect forward to drilling. With gross mean un-risked prospective resources of 5.6 million barrels of oil, as estimated in a CPR published in June 2012, Holmwood would be the UK’s fifth largest onshore field were the mean resources case to be proved by drilling success. Combined with a one in three chance of success, we therefore regard Holmwood as one of the best undrilled conventional prospects in onshore UK..”Egdon will be carried on the drilling costs for the Holmwood well on its 18.4% interest up to a set spending limit under the terms of an agreement announced on 29 June 2015 with UK Oil & Gas Investments plc.The Holmwood Prospect: The Holmwood Prospect is one of the largest undrilled prospects in the Weald Basin and was independently assessed by Troy Ikoda in 2004 as having potential gross Best Estimate Prospective Resources of 41.5 bcf. However, the recent discovery of oil at Horse Hill-1 some 10km to the East increases the chances of oil rather than gas being present at Holmwood. A Competent Persons Report by ERC Equipoise Limited, published in June 2012 on Europa’s website (http://www.europaoil.com/documents/CPR_Europa_Final_070612.pdf) estimates that the Holmwood prospect could contain mean gross unrisked prospective resources of 5.6 million barrels of oil for the combined Portland and Corallian objectives.Under the terms of an agreement announced on 29June 2015, UKOG will pay a 40% share of the Holmwood-1 drilling costs in order to acquire a 20% working interest in PEDL143 from Egdon. UKOG’s share of well costs will be capped at £1.2 million net to UKOG (i.e. 40% of a gross Holmwood-1 well cost estimate of £3 million). Gross well costs above £3 million, should they arise, will be met according to the working interests in PEDL143. Egdon’s interest in the licence on completion will be 18.4%. Egdon Resources plcEgdon Resources plc (LSE: EDR) is an established UK-based exploration and production company primarily focused on onshore exploration and production in the hydrocarbon-producing basins of the UK and France.Egdon currently holds interests in thirty four licences in the UK and France and has an active programme of exploration, appraisal and development within its balanced portfolio of oil and gas assets. Egdon is an approved operator in both the UK and France.Egdon was formed in 1997 and listed on AIM in December 2004.In accordance with the AIM Rules - Note for Mining and Oil and Gas Companies, the information contained in this announcement has been reviewed and signed off by the Managing Director of Egdon Resources plc Mark Abbott, a Geoscientist with over 26 years' experience.Evaluation of potential prospective resources has been assessed in accordance with 2007 Petroleum Resources Management System prepared by the Oil and Gas Reserves Committee of the Society of Petroleum Engineers (SPE) and reviewed and jointly sponsored by the World Petroleum Council (WPC), the American Association of Petroleum Geologists (AAPG) and the Society of Petroleum Evaluation Engineers (SPEE).

Egdon Resources plc (AIM:EDR) announces that its Preliminary Results for the year ended 31 July 2015 will be announced on Tuesday, 3 November 2015.An analyst meeting will be held at 9.30am on 3 November 2015 at the offices of Buchanan, 107 Cheapside, London, EC2V 6DN.