Markwells Wood Update

RNS Number : 5571Y

Egdon Resources PLC

23 December 2010

 



Immediate Release                                                                                                    23 December 2010                                                                  

EGDON RESOURCES PLC

("Egdon")

Live Oil in Markwells Wood-1 Core -Interim Statement.

The Directors of Egdon Resources plc (AIM:EDR) note the interim statement made today by Northern Petroleum plc ("Northern") the operator of the Markwells Wood-1 well in Sussex licence PEDL126, where Egdon's wholly owned subsidiary Egdon Resources U.K. Limited holds a 10% interest.  The statement read as follows.

"Northern announces that live oil has been encountered in the Markwells Wood-1 well in the primary reservoir target. A core was taken and the well drilled to 4584 feet sub-sea level, and various logging tools are being run to aid the assessment of results. There will be no further comment until log evaluation is complete."

The Licence Partners in the Markwells Wood-1 well are:

Northern Petroleum (GB) Limited (operator)       50%
Magellan Petroleum (UK) Limited                        40%
Egdon Resources U.K. Limited                           10%

For further information please contact:

Egdon Resources plc

Mark Abbott                                                                                       01256 702292

Buchanan Communications

Richard Darby, James Strong, Gabriella Clinkard                   020 7466 5000

Nominated Adviser and Broker - Seymour Pierce

Jonathan Wright, Richard Redmayne, Jeremy Porter              020 7107 8000

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 thirty one 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 Resources plc listed on AIM in January 2008, following the demerger of its gas storage business, Portland Gas plc (now renamed Infrastrata plc). The pre-demerged business was formed in 1997 and listed on AIM in December 2004.

www.egdon-resources.com 

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 23 years' experience.

 

END

 

 

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