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

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

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

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

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

Financial Performance

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

Post-Period Events

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

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

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

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

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

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