Egdon Resources PLC (LON:EDR) Springs Road Update – Resource Density Results

Springs Road Update – Resource Density in Bowland Shales

Egdon Resources plc is pleased to note the announcement made this morning by IGas Energy plc (“IGas”) of its First Half 2019 Results and associated presentation which provides further details of results from the analysis of whole core from the Springs Road-1 (“SR 01”) well on licence PEDL140, in which Egdon holds a 14.5% interest.

The IGas release states;

” We mobilised the equipment to our Springs Road development in North Nottinghamshire in early January 2019 and spudded the well on 22 January 2019. In mid-February 2019, we encountered shales on prognosis, at c.2,200 metres depth and drilled through a significant hydrocarbon bearing shale sequence, including the upper and lower Bowland Shale.

The well sought to assess three target zones: the Bowland Shale; the Millstone Grit and the Arundian Shale. All three targets were encountered, with 429 metres of hydrocarbon bearing shales encountered within the primary target, the Bowland Shale.

IGas acquired 147 metres of core within the Bowland Shale, the first extensive core sample from this basin, which has subsequently been analysed by Stratum Reservoir (formerly Weatherford Labs) in their laboratories in both the UK and the USA.

The results from the core analysis are extremely positive and confirm that a significant hydrocarbon resource is present in the Gainsborough Trough. Following further detailed analysis, the core results are as follows:

SR-01 Upper Bowland

SR-01 Lower Bowland

Organic content

3.2% (0-8.4%)

2.5% (0-6.6%)

Maturity (Ro)

c. 1.17%

c.1.29%

Shale thickness

179m

305m

Approx. depth

2,109-2,288m

2,288-2,593m

Clay content

43%

22%

Matrix porosity

4.8% (1-11%)

3.0% (1-9%)

Natural fracturing

Yes

Yes

Estimated GIIP bcf/Sq mile* (Adsorbed and free)*

231

409

*volumetric estimates based on SR-01 data only, no regional data has been incorporated and as such does not account for thickness variations and reservoir heterogeneity within the basin. Secondary (Millstone Grit) and tertiary (Arundian shale) targets excluded.”

A presentation including slides on Springs Road -1 core data analysis will be available later today at IGas’ website http://www.igasplc.com/

Commenting on these results, Mark Abbott, Managing Director of Egdon Resources plc, said:

“We continue to be encouraged by the results from Springs Road-1, particularly the combined Bowland shale gas in place of 640 bcf/square mile (“the resource density”). This is more than three times Egdon’s previous external estimates of the mean resource density for the entire Bowland Shale section in PEDL139/140 as reported by ERCE in 2014.

The results from this extensive modern dataset demonstrate that the Bowland Shale of the Gainsborough Trough, where Egdon currently holds 82,000 net acres (128 square miles), compares favourably with some of the best US commercial shale plays and is potentially world class.

We look forward to sharing further data on the well as it become available, particularly on the secondary target, the tight gas sands of the Millstone Grit”

 

Linking Shareholders and Executives :Share Talk

If anyone reads this article found it useful, helpful? Then please subscribe www.share-talk.com or follow SHARE TALK on our Twitter page for future updates.

Terms of Website Use

All information is provided on an as-is basis. Where we allow Bloggers to publish articles on our platform please note these are not our opinions or views and we have no affiliation with the companies mentioned

Share Talk Investor Show - September 27th August 2019

Malcare WordPress Security