Egdon Resources plc (AIM: EDR) advises that Shell U.K. Limited has informed Egdon and the North Sea Transition Authority (“NSTA”) of its intention to withdraw from licences P1929 and P2304 containing the Resolution and Endeavour gas discoveries.
Egdon will now consider its options, including its ongoing commitment to the licences and will discuss this with the NSTA. We will update shareholders once our preferred option and the NSTA position is known.
For further information please contact:
Egdon Resources plc
Mark Abbott, Martin Durham 01256 702 292
Notes to Editors:
Egdon Resources plc (LSE: EDR) is an established exploration and production company focused on the hydrocarbon-producing basins of the onshore UK.
Egdon holds interests in 37 licences in the UK and has an active programme of exploration, appraisal and development within its portfolio of oil and gas assets. Egdon is an approved operator in the UK. Egdon was formed in 1997 and listed on AIM in December 2004.
Resolution and Endeavour Gas Discoveries
A Competent Person’s Report prepared by Schlumberger Oilfield UK PLC (April 2019) reported Mean Contingent Gas Resources of 231 billion cubic feet of gas (“bcf”), with a P90 to P10 range of 100 to 389 bcf, attributable to the Resolution gas discovery (P1929). The Resolution discovery was made by Total in 1966 when well 41/18-2 flow tested gas from the Permian aged Zechstein carbonate (limestone) reservoir. Additionally, Egdon estimates that the Endeavour gas discovery (P2304) contains Mean Contingent Resources of 18 bcf, with a P90 to P10 range of 10 to 28 bcf.
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