Favourable Holmwood High Court Decision
Egdon Resources plc (AIM:EDR) notes the release made today by Europa Oil and Gas (Holdings) plc (“Europa”) announcing the successful result of a High Court challenge in relation to the drilling of an exploratory well at the Holmwood prospect ("Holmwood") in Weald Basin licence PEDL143 located in Surrey, where the Company holds a 38.4% interest.Egdon regards this judgement as a positive outcome and will now consider the next steps forward regarding PEDL143 with the joint venture partners, Europa (operator, 40%), Warwick Energy (20%) and Altwood Petroleum (1.6%). This judgment means that the Inspector’s decision is quashed and the appeal will be remitted to the Planning Inspectorate for redetermination, which may involve a further planning Inquiry, for the exploratory drill site at Holmwood.As announced by Europa on 1 November 2012, the PEDL143 joint venture partners applied for an order to quash the decision of the Secretary of State for Communities and Local Government’s appointed Inspector to dismiss their appeal against Surrey County Council’s refusal to grant planning permission to drill one exploratory borehole and undertake a short term test for hydrocarbons at the Holmwood prospect drill-site.The judge, Mr Justice Ouseley, gave judgement in favour of quashing the Inspector’s decision at 3pm on 25 July 2013 in the Royal Courts of Justice. The judge granted the Leith Hill Action Group leave to appeal, to the Court of Appeal, against his judgment.
Planning Approval for Burton on the Wolds (PEDL201)
Egdon Resources plc (AIM:EDR) is pleased to announce that it has been notified by Leicestershire County Council that Planning Consent has been granted for the drilling of an exploratory borehole on the Burton on the Wolds Prospect in UK Onshore Petroleum Exploration and Production Licence PEDL201, located on the southern margin of the Widmerpool Gulf geological basin.The Burton on the Wolds Prospect has been mapped on proprietary 2D seismic data which was acquired by Egdon in May 2011. Evaluation has highlighted a conventional oil prospect with targets at two distinct Carboniferous stratigraphic levels. The shallower target, the Rempstone Sandstone, is productive at the nearby Rempstone oil field. A seismic anomaly, possibly indicative of a carbonate reef, underlies the Rempstone Sandstone and provides a deeper secondary target. The mean combined Prospective Resources for the two target objectives, as calculated by Egdon are estimated to be 3.8 million barrels of oil.The planned vertical well will be relatively shallow with a drilled depth of around 1000 metres. It has been designed to intersect both targets in a structurally favourable position near the crest of the Burton on the Wolds structure.The interests in Licence PEDL201 are:Egdon Resources U.K. Limited32.50% (operator)Celtique Energie Petroleum Limited32.50%Terrain Energy Limited12.50%Corfe Energy Limited12.50%Union Jack Oil plc10.00%As a result of a series of farm-outs announced on 20 February 2012 and 19 February 2013, Egdon’s net share of the cost of the Burton on the Wolds-1 well will be 15%.Commenting on the approval Mark Abbott, Managing Director of Egdon said:
“We are pleased that Leicestershire County Council has approved our application for the drilling of the Burton on the Wolds-1 exploration well and we can now look forward to the commencement of drilling operations later in 2013. The prospect combines a lower risk reservoir target offsetting nearby production with a higher risk, higher potential play which is at present untested in the basin.”
Commencement of Production - Waddock Cross (PL090)
Egdon Resources plc (AIM:EDR) is pleased to announce the commencement of production from the Waddock Cross oil field in UK Onshore Production Licence PL090, located in Dorset around 10 kilometres to the east of Dorchester.Waddock Cross is mapped by Egdon as containing mean in-place volumes of over 30 million barrels of oil in the Lower Jurassic Bridport Sandstone reservoir. Initial production will be from the Waddock Cross-2 well which has had larger production tubing and a higher capacity pump installed and is expected to produce at gross rates of around 30 barrels of oil per day. The plan for the first phase of the development thereafter is to restore production from the Waddock Cross-3 horizontal well and to drill two further horizontal producer wells by 2015. Egdon estimate gross Proven and Probable Reserves for the field for this initial phase to be about 300,000 barrels of oil.The interests in the Waddock Cross oil field are:Egdon Resources U.K. Limited45.00% (Operator)First Oil Expro Limited26.25%Aurora Exploration (UK) Limited18.75%Dorset Exploration Limited (wholly owned by Egdon)10.00%Commenting on the start of production Mark Abbott, Managing Director of Egdon said:
“We are pleased to have completed site works and to have obtained the required consents within our expected timeline and we now look forward to increasing ongoing production and revenues as we continue to progress the phased development of the Waddock Cross oil field over the coming years.”
Completion of Seismic Survey, Dorset
Egdon Resources plc (AIM:EDR) is pleased to announce the completion of the acquisition of a 3D seismic survey to the south and east of Dorchester in the County of Dorset, onshore U.K.The survey, which covers parts of Petroleum Exploration and Production Licence PEDL237 and Production Licence PL090, was acquired by Tesla Exploration International Ltd. and comprised the acquisition of a total of 2,631 vibroseis source points covering an area of approximately 68.5 square kilometres.The survey was designed to provide detailed structural data over a number of leads and prospects at various reservoir levels including the Sherwood Sandstone, the primary reservoir at the nearby Wytch Farm oilfield. The main focus of the survey was over the area of the Casterbridge and Broadmayne structures where, based on previous 2D seismic data, Egdon evaluated combined gross Best Estimate Prospective Resources of around 50 million barrels of oil.The acquired data will now be processed by a specialist contractor to generate a 3D image of the geological structure of the area to enable the licence group to identify locations for possible future exploration drilling.The Licence Interests in PL090 (excluding Waddock Cross) and PEDL237 are;Egdon Resources U.K. Limited (Operator)38.7500%First Oil Expro Limited22.6042%Aurora Exploration Limited16.1458%Corfe Energy Limited12.5000%Dorset Exploration Limited (wholly owned by Egdon)10.0000%Commenting on the survey Jerry Field, Exploration Director of Egdon said:
“I would like to thank all the personnel of Tesla Exploration for their professionalism and commitment in undertaking the survey in an efficient, safe and considerate manner.We look forward to receipt of the final processed data volume early in 2014 which will enable us to develop our future exploration plans on this highly prospective oil trend to the west of Wytch Farm, Western Europe’s largest onshore oilfield.After a period of limited activity by Egdon in Dorset, the recently announced commencement of production at Waddock Cross and this seismic survey illustrate our commitment to exploring the Wessex Basin, an area which has the potential to drive near-term shareholder value.”
Notification of Results
Egdon Resources plc (AIM:EDR) the UK-based exploration and production company primarily focused on the hydrocarbon-producing basins of onshore UK and France, announces that its Preliminary Results for the year ended 31 July 2013 will be announced on Wednesday 6 November 2013.An analyst meeting will be held at 9.30am on 6 November 2013 at the offices of Buchanan, 107 Cheapside, London, EC2V 6DN.
Final Results for the Year Ended 31 July 2013
Posting of Annual Report and Accounts, AGM Notification and Proposed Share Capital Reorganisation
Egdon Resources plc (AIM:EDR) is pleased to announce that the Annual Report and Accounts for the year ended 31 July 2013 was today posted to shareholders along with a notice of the Annual General Meeting to be held at 11.30 a.m. on 5 December 2013 at the offices of Buchanan, 107 Cheapside, London, EC2V 6DN.Amongst the Resolutions to be put before shareholders at the meeting is a Special Resolution to effect a Share Capital Reorganisation. Under this resolution it is proposed that the Existing Ordinary Shares of 10 pence will be subdivided into 1 New Ordinary Share of 1 penny each and 9 Deferred Shares of 1 penny each.To give effect to the Share Capital Reorganisation, the current articles of association of the Company will need to be amended to make changes to allow for the creation of the Deferred Shares arising on the Share Capital Reorganisation becoming effective. These amendments will also require shareholders approval at the General Meeting.View or Download 2013 Annual ReportView the AGM Proxy Form
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 Buchanan on 5 December 2013, all resolutions put before shareholders at the meeting were duly passed.Among the Resolutions approved by shareholders at the meeting was a Special Resolution to effect a Share Capital Reorganisation whereby the Existing Ordinary Shares of 10 pence will be subdivided into 1 New Ordinary Share of 1 penny each and 9 Deferred Shares of 1 penny each. Application has been made to admit the New Ordinary Shares to trading on AIM. Admission of the New Ordinary Shares is expected to occur at 8.00 am on Friday 6 December 2013.At the meeting, Managing Director Mark Abbott presented a review of the business. The presentation will be available and can be accessed from the Companys website.Click here for detailed voting information on the AGM resolutions
Licence Extension PEDL181
Egdon Resources plc (AIM:EDR) notes the announcement made today by Europa Oil and Gas (“Europa”) as operator of Petroleum Exploration and Development Licence PEDL181 advising that the Department of Energy and Climate Change has granted an extension of the Initial Term of the licence of 12 months to 30 June 2015. Europa also provided a technical update on the licence and advised of the intention to progress plans for the drilling of an exploration well on the Kiln Lane Prospect. Egdon holds a 25% interest in the PEDL181 Licence.