News/Media

Holding in Company
The Company was notified on 15 September 2009 that, as a result of a disposal of ordinary shares in Egdon Resources ("Ordinary Shares") on 14 September 2009, F&C Asset Management plc holds 3,772,558 Ordinary Shares (with an equivalent amount of voting rights) which represents approximately 5 per cent. of the issued Ordinary Share voting capital of the Company.
Holding in Company
Egdon has been informed by Heyco Energy Holdings, S.L. that it has transferred its entire shareholding in the Company, consisting of 6,861,434 ordinary shares, to Heyco International Inc. This transfer makes no change in ultimate beneficial ownership. Heyco Energy Holdings, S.L. has ceased to have any holding in the Company and Heyco International Inc. now holds 6,861,434 ordinary shares in the Company which is approximately 9.1% of the issued share capital of the Company.The Net Profit Interests on current and future production from the Avington Licences which were held by Heyco Energy Holdings, S.L. have also been assigned to Heyco International Inc.
Planning Permission Granted for Kirkleatham Gas Field Development
Egdon Resources plc (AIM:EDR), the UK-based exploration and production company focused on the hydrocarbon-producing basins of onshore UK and Europe, is pleased to report that it has received planning approval for the Kirkleatham gas field development in PEDL 068 in North Yorkshire where Egdon holds a 20% interest and is the Operator.On 13 August 2009, Redcar and Cleveland Borough Council granted planning consent for production from the existing Kirkleatham-4 well site, the construction of an underground pipeline to the Wilton site and for the drilling, testing and production for up to two additional wells at the site.Following a detailed review of the most likely schedule for regulatory consents, procurement and construction of the project, the joint venture partners have agreed to move the target completion of the project from late winter 2009/10 to autumn 2010. This will allow for construction during summer 2010 and ensure commissioning of the facilities will occur prior to the start of the 2010 winter gas season in October. This will ensure that maximum revenues are realised from the project whilst enabling a more efficient use of cash resources during the procurement and construction phase.Commenting on the project, Mark Abbott, Managing Director of Egdon, said:
“The award of planning consent for Kirkleatham is a key milestone and we are pleased the project had strong local support. We now have a clear schedule to ensure gas sales for the start of the winter 2010 gas market where it is anticipated that revenues from the project will be maximised. Work has already started on putting in place all the agreements, contracts and regulatory approvals to achieve this.”
Production Commences from Kirklington oil field
Egdon Resources plc (AIM:EDR), the UK-based exploration and production company primarily focused on the hydrocarbon-producing basins of onshore UK and Europe, is pleased to announce the commencement of production from its Kirklington oil field in PEDL203 located in Nottinghamshire.Following a period of commissioning and testing, the Kirklington-2 well was returned to continuous pumped production on 28 July 2009. As at 7 August 2009 the well had produced a total of 325 barrels of oil at an average daily rate of 32 bopd. Associated water production over the period was 640 barrels with an average water cut of 66%. This is in line with management’s expectations. The Kirklington-2 well has two oil producing intervals; the Sub-Alton Crawshaw and the Chatsworth Grit. The well is currently completed for production from the Chatsworth Grit.It is intended to continue producing the existing well until later in 2009 when a sidetrack will be drilled to an up-dip area of the Kirklington field to access additional oil reserves from both producing intervals. Planning approval is already in place for this operation.The Kirklington oil field was originally discovered by BP in 1986. Production from the Sub-Alton Crawshaw reservoir occurred between 1991 and 1998 and from the Chatsworth Grit reservoir from 2003 to 2004. Egdon acquired the current well-site from Star Energy in 2008.Commenting on the commencement of production, Mark Abbott, Managing Director of Egdon, said:
“The commencement of production from the Kirklington-2 well is the first stage in the re-juvenation of the Kirklington oil field. Having gained all authorisations and completed the upgrading of the facilities at the site we look forward to the next phase of development with the drilling of a sidetrack well to access additional reserves and increase daily oil rates and cash flow from the field. In the meantime we welcome the incremental production and revenues.“
Award of New Exploration Permit, Onshore France
Egdon Resources plc (AIM:EDR), the UK-based exploration and production company primarily focused on the hydrocarbon-producing basins of onshore UK and Europe, is pleased to announce the award of a new French exploration permit. The “Permis de Gex” (Gex Permit) was ratified on 28 May 2009 and published in the Official Journal on 11 June 2009.Egdon will operate the Gex Permit with a 40% interest through its wholly owned subsidiary Egdon Resources (New Ventures) Ltd. The other partners in the joint venture group are Eagle Energy Limited (40%) and Nautical Petroleum plc (20%). The Gex Permit covers an area of 932 square kilometres and has a five year initial term which commenced on 11 June 2009.The Gex Permit is located in the Jura/Molasse Basin of Eastern France adjacent to the Swiss border and the city of Geneva.The main exploration targets comprise oil in shallow Oligocene sandstones and gas in deeper Triassic reservoirs. The Triassic gas prospects have been identified based on a reinterpretation of the regional structure style, which indicates the presence of large basement involved anticlines with strong topographic expression. These structures are each mapped as having significant resource potential of over 1 trillion cubic feet of gas in place. The focus of exploration for the shallow Oligocene play are the surface anticlines developed within the permit area. The presence of oil seeps and oil in shallow boreholes demonstrates the presence of a working petroleum system for this play.The work programme will be phased, with the initial two years comprising geological and geophysical studies and gravity data acquisition followed by a second contingent phase of three years which would include the acquisition of new seismic data and the drilling of a well. The total financial commitment for the joint venture group over both phases will be €1.16 million.Commenting on the permit award, Mark Abbott, Managing Director of Egdon, said:
“The award of the Gex Permit represents further progress with the strategy we embarked on 18 months ago of growing Egdon’s French exploration position to further strengthen our medium-term exploration focus in a country with significant exploration potential, political stability and excellent fiscal terms. We are now able to progress the detailed evaluation of this high potential area which contains a mix of oil and gas prospects in a region which has been overlooked for a number of years. Of particular interest are the presence of large untested gas prospects in an area close to infrastructure able to feed into the European gas market “
Interim Results for the six months to 31 January 2009
Completion of acqusition of YCI Resources Limited
The Directors of Egdon Resources plc are pleased to announce that the company has completed the acquisition of YCI Resources Limited ("YCIR") from the Heyco Energy Group.As previously reported the consideration for the transaction is the issue to Heyco International, S.L. ("Heyco") of 6,861,434 Ordinary shares in Egdon. Application has been made for the consideration shares to be admitted to AIM and the shares are expected to be admitted on 18th March 2009.Following the admission of these shares Egdon Resources plc will have a total of 75,475,774 Ordinary Shares in Issue. Heyco will hold 9.1% of the enlarged share capital of Egdon.Egdon has also granted Heyco a Net Profit Interest ("NPI") on current and future production from licences PEDL069 and PEDL070. The NPI, which is related to oil price, will range between 5% and 10% of Egdon's net revenues realised from these licences after subtracting allowable costs.View or download full release
Holding in Company
The Company was notified on 6 March 2009 that, as a result of a disposal of ordinary shares in Egdon Resources ("Ordinary Shares") on 5 March 2009, Brewin Dolphin Limited holds 3,430,428 Ordinary Shares (with an equivalent amount of voting rights) which represents approximately 4.99 per cent. of the issued Ordinary Share voting capital of the Company.These shares are held indirectly as follows:Name of ShareholderNumber of ordinary sharesPercentage holdingBrewin Nominees Limited232,1000.338Giltspur Nominees Limited3,118,3284.65Brewin Dolphin Nominees a/c Charity10,0000.01
Holding in Company
The Company was notified on 27 February 2009 that, as a result of an acquisition of ordinary shares in Egdon Resources ("Ordinary Shares") on 26 February 2009, Brewin Dolphin Limited holds 3,449,678 Ordinary Shares (with an equivalent amount of voting rights) which represents approximately 5.03 per cent. of the issued Ordinary Share voting capital of the Company.These shares are held indirectly as follows:Name of ShareholderNumber of ordinary sharesPercentage holdingBrewin Nominees Limited251,3500.37Giltspur Nominees Limited3,118,3284.65Brewin Dolphin Nominees a/c Charity10,0000.01
Holding in Company
The Company was notified on 12 February 2009 that on 11 February 2009 Hargreave Hale Limited had sold a total of 500,000 ordinary shares in Egdon Resources ("Ordinary Shares"). Following the disposal Hargreave Hale Limited is interested in 12,740,500 Ordinary Shares representing 18.6 per cent. of the issued voting capital of the Company. 8,750,000 of these Ordinary Shares are held for unit trusts operated by Marlborough Fund Managers Ltd, for which Hargreave Hale manages the investments on a discretionary basis. The balance of the shares are held for discretionary clients of Hargreave Hale.
Directors Shareholdings
Egdon Resources plc (the "Company") was informed yesterday that Mr Walter Roberts, a Non-Executive Director, purchased on 11 February 2009, 100,000 shares at 9 pence in the name of his minor daughter.Mr Roberts' total beneficial shareholding in Egdon is now 1,191,750 ordinary shares, representing approximately 1.74% of the issued share capital of the Company.
Acqusition of YCI Resources Limited
The Directors of Egdon Resources plc are pleased to announce that the company has reached agreement to acquire the entire issued share capital of YCI Resources Limited (“YCIR”) from the Heyco Energy Group (“Heyco”).YCIR is a UK registered private company whose principal asset is a 16.667% interest in PEDL070, which contains the Avington oil field and is located in the Weald Basin of Southern England. YCIR also has a 33.334% interest in adjacent licence PEDL069 which Egdon maps as containing a possible northerly extension to the Avington field. This transaction will increase Egdon’s interests to 36.667% in PEDL070 and to 66.667% in PEDL069.The consideration for the transaction will be the issue to Heyco of 6,861,434 Ordinary shares in Egdon. In addition Egdon will grant Heyco a Net Profit Interest (“NPI”) on current and future production from the licences. The NPI, which is related to oil price, will range between 5% and 10% of Egdon’s net revenues realised from the licences after subtracting allowable costs.The acquisition is subject to review by the Secretary of State for Business Enterprise and Regulatory Reform following which the transaction will be completed and application will be made for the consideration shares to be admitted to AIM.The Avington oil field was discovered in 2003 with the drilling of the Avington-2 well which tested light oil from the Jurassic age Great Oolite reservoir. During 2007 the drilling and extended production testing of the Avington-3z well established the commerciality of the field with production of 63,000 barrels of oil during the six months test. During 2008 the operator, Star Energy, obtained the required planning and other consents to improve the surface facilities and restart production from the Avington-3z and Avington-2z wells. In addition consent was granted to drill two further appraisal wells on the accumulation. As previously reported by the Company, production commenced at Avington on 23 January 2009 at an initial free-flowing rate of around 300 barrels per day.Commenting on the proposed transaction, Mark Abbott, Managing Director of Egdon said;
“The acquisition of YCIR increases our interest in the Avington oil field to a more material level of 36.667% and will provide an important additional source of revenue and enable us to make further progress towards our near term production targets. We have worked closely with the management of Heyco over a number of years and look forward to their involvement as shareholders in the Company.”
George Yates, President of Heyco Energy Group commented;
“This transaction allows Heyco to gain exposure to the wide range of quality projects within Egdon's portfolio while retaining a financial interest in the Avington Field”
Holding in Company
The Company was notified on 3 February 2009 that on 2 February 2009 Hargreave Hale Limited acquired 100,000 ordinary shares in Egdon Resources ("Ordinary Shares"). Following the acquisition Hargreave Hale Limited are interested in 13,090,500 Ordinary Shares representing 19.08 per cent. of the issued shares capital. 9,300,000 of these shares are for unit trusts operated by Marlborough Fund Managers Ltd, for which Hargreave Hale manages the investments on a discretionary basis. The remaining balance is held on behalf of other discretionary clients.
Sale of Interest in Keddington Field
Egdon Resources plc (AIM:EDR) is pleased to announce completion of the sale of a 10% beneficial interest in Onshore UK Petroleum Exploration and Production Licence 005 (Remainder) (“PEDL005(Remainder)”) to Alba Resources Limited, a wholly owned subsidiary of Nautical Petroleum plc. PEDL005(Remainder) is located in the county of Lincolnshire and contains the producing Keddington oil field.The consideration paid to Egdon is £260,000 in cash with the transaction having an effective date of 31 December 2008. The licence assignment has been approved by the Department for Energy and Climate Change. Egdon will retain a 90% interest and operatorship of the licence.The Keddington oil field was discovered by Candecca Resources in 1998 and produces via two wells from Westphalian (Carboniferous) age sandstone reservoirs from a depth of around 2,180 metres. Egdon acquired the then shut-in field from Roc Oil GB Limited in March 2007 for £250,000. Production was restarted in June 2007 and production currently averages around 50 barrels of oil per day. To date, the field has produced a total of over 192,000 barrels of oil, which represents only a small percentage of the mapped oil in place, which Egdon estimates could total over 4 million barrels. The field has potential for additional drilling to increase the current production levels and total field recovery. Planning consent is already in place for an additional well and a decision on the timing and bottom hole location of this will be made during the first half of 2009 once reprocessing of the existing 3D seismic data has been completed and fully evaluated. In the meantime the previously free-flowing Keddington-2y well is currently being completed for pumped production which is anticipated to increase total field production. Egdon continues to evaluate options for utilising the associated gas production for electricity generation for both site use and for sale and will be progressing decisions in this area during the next few months.Commenting on the sale, Mark Abbott, Managing Director of Egdon said:
“This sale of a minority interest in Keddington provides a valuable addition to our near-term cash resources whilst setting a marker for the value of our remaining interest in the field. We remain encouraged by the upside at Keddington and look forward to working with the management of Nautical in developing further the production and revenue potential of the Keddington field and the other prospects within the licence.”
Steve Jenkins CEO of Nautical commented:
“This is small but significant step in the development of Nautical giving us access to our first production. We already have a good working relationship with Egdon in France and regard them as a very competent onshore operator."
Holding in Company
The Company was notified on 28 January 2009 that on 27 January 2009 Hargreave Hale Limited disposed of 400,000 ordinary shares in Egdon Resources (“Ordinary Shares”). Following the disposal Hargreave Hale Limited are interested in 12,990,500 Ordinary Shares representing 18.9 per cent. of the issued shares capital. 9,300,000 of these shares are for a unit trust operated by Marlborough Fund Managers Ltd, for which Hargreave Hale manages the investments on a discretionary basis. The remaining balance is held on behalf of other discretionary clients.
Production Starts at the Avington Oil Field
Egdon Resources plc (AIM:EDR) , the UK-based exploration and production company primarily focused on the hydrocarbon-producing basins of onshore UK and Europe, is pleased to announce that it has been advised by Star Energy Group Plc that the Avington Field, came into production on the 23rd January 2009 and is flowing at approximately 300 barrels of oil per day. The decision to switch to jet pump assisted lifting to increase output will be made after a suitable period of production.The Partners in Licence PEDL 070 containing the Avington Oil Field are:Star Energy Oil UK Ltd (Operator)50%Egdon Resources plc20%YCI Resources Ltd16.667%Sterling Resources UK Ltd8.333%Northern Petroleum GB Ltd5%
Award of New Exploration Permit, Onshore France
Egdon Resources plc (AIM:EDR),the UK-based exploration and production company primarily focused on the hydrocarbon-producing basins of onshore UK and Europe, is pleased to announce the award of a new French exploration permit. The “Permis de Pontenx” (Pontenx Permit) was ratified on 16 December 2008 and published in the Official Journal on 20 January 2009.Egdon will operate the permit with a 40% interest through its wholly owned subsidiary Egdon Resources (New Ventures) Ltd. The other partners in the joint venture group are Eagle Energy Limited (40%) and Nautical Petroleum plc (20%).The Pontenx Permit is located on the southern margins of the Parentis Basin, an oil productive region on the Atlantic coast of France, to the south of Bordeaux. France’s largest onshore oil field, Parentis, is located some 10 kilometres to the north of the permit area and the Lucats-Cabeil heavy oil producing field is also located just to the north of the permit. The main play within the permit is oil in Cretaceous age platform and reef carbonate reservoirs. The Pontenx Permit contains the abandoned Mimizan Nord heavy oil field and a number of high potential leads and prospects adjacent to or up-dip of wells with good oil shows and tests.The permit covers an area of 313 square kilometres and has a four year initial term. The work programme will be phased, with the initial two years comprising the reprocessing and interpretation of existing 2D seismic data, a review of the rejuvenation potential of the Mimizan Nord abandoned oil field and detailed reservoir studies. A second contingent phase will comprise the acquisition of new seismic data and the drilling of a well. The total financial commitment for the joint venture group over both phases will be €2.5 million.Commenting on the permit award, Mark Abbott, Managing Director of Egdon, said:
“With the formal award of Pontenx we now look forward to the commencement of the detailed evaluation of this highly prospective permit. Pontenx contains oil field rejuvenation, appraisal and exploration opportunities. This permit award is in line with our strategy of developing a high potential exploration portfolio as a platform for future growth with minimum near-term expenditure, whilst currently concentrating our resources on further developing our production and revenue streams. The Mimizan Nord abandoned oil field may present one such near-term production opportunity and its evaluation will be our initial priority.”
Holding in Company
The Company was notified today that on 19 December 2008, following disposal of ordinary shares in Egdon Resources ("Ordinary Shares"), Credit Suisse Securities (Europe) Limited no longer have a notifiable interest in the Ordinary Share capital of the Company.
Holding in Company
The Company was notified on 22 December 2008 that on 19 December 2008 Hargreave Hale Limited had acquired a total of 4,750,000 ordinary shares in Egdon Resources ("Ordinary Shares"). Following the acquisition Hargreave Hale Limited is interested in 14,095,500 Ordinary Shares representing 20.5 per cent. of the issued voting capital of the Company. 10,000,000 of these Ordinary Shares, representing approximately 14.57 per cent. of the issued share capital, are for a unit trust operated by Marlborough Fund Managers Ltd, for which Hargreave Hale manages the investments on a discretionary basis. The discretionary clients of Hargreave Hale Limited are interested in 4,095,500 of these Ordinary Shares which represent approximately 5.97 per cent. of the issued voting capital of the Company.
Directors Holdings
Egdon Resources plc (the "Company") was informed on 5 December 2008 that on 19 August 2008 Mr John Rix, Non-Executive Director, was the beneficiary of a distribution in specie from a VCT trust which held Ordinary Shares in the Company and as result 872 shares were transferred to him. Similarly 1,744 shares were transferred to his wife.Mr Rix's total beneficial shareholding in the Company has as a result increased by 2,616 shares to a total of 1,293,949 Ordinary Shares, representing 1.89% of the issued share capital of the Company.
Results of AGM and Operations Update
The Directors of Egdon Resources plc are please to announce that at the Annual General Meeting held at the offices of Buchanan Communications at 11.30 am on 4 December 2008 all resolutions put before the meeting were duly passed.At the meeting the Managing Director Mark Abbott presented a review of the business and its plans for 2009 which is now available on the Company's website www.egdon-resources.com.The Company would also like to provide a brief update on some of its current operations.In licence PEDL118 (Egdon 100% interest) the Company is pleased to advise that the Dukes Wood-1 exploration well was spudded on 18 November 2008. The top-hole section of the well was drilled and cased to a depth of 47 metres before suspending the well until a larger rig becomes available to undertake directional drilling operations, expected to be, in the first quarter of 2009. The Dukes Wood-1 well will be drilled directionally to a planned measured depth of around 800 metres to test the crestal part of the Dukes Wood anticline in an area where Egdon have identified potential for undrained oil and re-migrated oil. The primary target for the well will be the Ashover Grit reservoir with secondary reservoir objectives in the Sub-Alton Crawshaw, Loxley Edge Rock and Wingfield Flags intervals. A previous well from this part of the structure was re-entered in 1992 and produced 180 barrels of oil during a short swab test from the upper interval of the Ashover Grit indicating the presence of recoverable oil in this part of the field. The PEDL118 licence has also been extended into its second licence period which expires on 31 January 2013.Just to the south of the Eakring-Dukes Wood field is the shut-in Kirklington oil field in 13th Round licence PEDL203 (Egdon 100% interest). Kirklington which produced from the Sub-Alton Crawshaw and Chatsworth Grit reservoirs has been shut-in since 2004. Egdon believe that over half a million barrels could remain recoverable from the field via a sidetrack of the existing Kirklington-2 well. Egdon is in the process of concluding the agreements to acquire the Keddington-2 well site and anticipates production will be restarted from the existing well by year end.Planning consent has been received from Dorset County Council for testing operations at Waddock Cross in Dorset licence PL090 (Egdon 45% interest). The Company is currently working to discharge all of the planning conditions and anticipates testing operations will commence during the first half of 2009.The Company has been advised by Star Energy, the operator of Hampshire licence PEDL070 (Egdon 20% interest) which contains the Avington Oil Field, that pressure gauges have been run into the production wells this week in anticipation of recommencing oil production operations during December.Commenting on the recent operations and the near term strategy of the Company, Mark Abbott, Managing Director of Egdon said;"As set out in our post-demerger strategy, the Company continues to focus on production and development projects designed to increase our near-term revenue and cash flow. We are making good progress in this regard and look forward to increasing levels of production from continuing oil production at Keddington, the restoration of production at Avington and the restarting of production at Kirklington during December. The early part of 2009 will see the drilling and evaluation of the Dukes Wood-1 well, planned testing at Waddock Cross and enhancement of production levels at Keddington. We also look forward to concluding a gas sales agreement for Kirkleatham and the commencement of gas sales during 2009.Egdon has an excellent portfolio of exploration projects in the UK and France and we remain committed to adding shareholder value through the drill-bit. As such we are currently marketing farm-out opportunities with the aim of bringing forward drilling activity on a number of our projects.The Company has sufficient cash resources for our planned 2009 programme of work and we are well positioned for growth during the current market and commodity price environment"View or download full release
