Completion of Seismic Survey

RNS Number : 2020X

Egdon Resources PLC

10 February 2012

 



For Immediate Release

10 February 2012

EGDON RESOURCES PLC

("Egdon" or "the Company")

Completion of Seismic Survey

Egdon Resources plc (AIM:EDR) is pleased to announce the completion of a 3-D seismic survey across the Broughton and Wressle Prospects, which are located to the East and South-East of the town of Scunthorpe in North Lincolnshire.

The survey, which covers parts of Petroleum Exploration and Production Licences ("PEDLs") 180, 181, 182 and 241, was undertaken by Tesla Exploration International ("Tesla").  A total of 1,424 vibroseis and dynamite source points were acquired with the resultant survey covering an area of approximately 49 square kilometres. 

Once processed, the survey will provide detailed structural data over the Broughton and Wressle trend to confirm the prospects previously mapped on multi-vintage 2-D seismic data and enable bottom-hole target locations to be defined for one or both of the prospects.  It is planned to drill one or both of these prospects later in 2012 subject to technical confirmation and planning consent.

The two prospects are located along an oil productive trend with the Crosby Warren producing oil field at one end and the Brigg oil discovery at the other.  The Broughton-B1 well drilled by BP in 1984 flowed on test at up to 40 barrels of oil per day before being abandoned.  Egdon has identified an area up-dip from the well and estimates gross Best Estimate Prospective Resource potential of 2.95 million barrels of oil ("mmbo").  The Wressle Prospect has estimated gross Best Estimate Prospective Resource potential of 3.9 mmbo in the primary Chatsworth Grit reservoir target.

The joint venture partners in PEDLs 180 and 182, which contain the Broughton and Wressle prospects are:

Egdon Resources U.K. Limited                         33.33%

Europa Oil and Gas Limited                               33.34%

Celtique Energie Petroleum Limited                33.33%

Commenting on the survey Mark Abbott, Managing Director of Egdon said:

"I would like to thank all the personnel of Tesla for their professionalism and commitment in acquiring good quality data in highly challenging operating and weather conditions.  We now look forward to receipt of the final data in the next few months so that we can finalise our plans for drilling on this highly prospective oil trend."

For further information please contact:

Egdon Resources plc

Mark Abbott                                                                                         01256 702292

Buchanan

Richard Darby, James Strong, Gabriella Clinkard                      020 7466 5000

Nominated Adviser and Broker - Seymour Pierce

Jonathan Wright, Sarah Jacobs (Corporate Finance)                020 7107 8000

Richard Redmayne (Corporate Broking)

Notes to Editors:

Egdon Resources plc

Egdon Resources plc (LSE: EDR) is an established UK-based exploration and production company primarily focused on onshore exploration and production in the hydrocarbon-producing basins of the UK and Europe. 

Egdon currently holds interests in twenty nine licences in the UK and France and has an active programme of exploration, appraisal and development within its balanced portfolio of oil and gas assets.  Egdon is an approved operator in both the UK and France.

Egdon was formed in 1997 and listed on AIM in December 2004.

In accordance with the AIM Rules - Note for Mining and Oil and Gas Companies, the information contained in this announcement has been reviewed and signed off by the Managing Director of Egdon Resources plc Mark Abbott, a Geoscientist with over 26 years' experience.

 

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