Completion of drilling at Kiln Lane-1

RNS Number : 1144I

Egdon Resources PLC

23 March 2015

 



                                                                                                                     23 March 2015

EGDON RESOURCES PLC

("Egdon" or "the Company")

Completion of drilling operations at the Kiln Lane-1 Exploration Well on PEDL181

Egdon Resources plc (LSE: EDR) notes that Europa Oil and Gas plc ("Europa") has today announced the completion of drilling operations at the Kiln Lane-1 Exploration Well on PEDL181 where Egdon holds a 25.0 per cent interest. 

Europa's RNS contained the following information: 

"Europa Oil & Gas (Holdings) plc, the AIM quoted oil and gas company with a combination of producing and exploration assets in Europe, announces the completion of drilling operations at the Kiln Lane-1 conventional exploration well ('Kiln Lane' or 'the Well') on Licence PEDL 181 in Northeast Lincolnshire.   The Well spudded on 23 February 2015 and reached a total depth ('TD') of 2,291 metres on 19 March.  Sandstones in the Westphalian and Namurian intervals were penetrated in line with the pre-drill geological model and significant oil and gas shows were observed during drilling operations.  However, wireline logging and subsequent petrophysical analysis indicates that the sandstones encountered are water wet.  The Well will therefore be plugged and abandoned and the site restored to agricultural use. 

Europa is operator of and has a 50% working interest in PEDL 181, which covers an area of over 540 km2 in the East Midlands Petroleum Province.  Egdon Resources and Celtique Energie Petroleum Ltd each have a 25% interest in the Licence.  Europa and its partners will conduct a detailed post-drill technical review of all relevant well and seismic data to determine the way forward with this large exploration licence.

Europa's CEO, Hugh Mackay said, "While we are disappointed with the outcome, Kiln Lane was drilled on schedule, on budget and safely. This is testament to the performance of both our own technical team and the engineering crew on the ground.  Kiln Lane was the first well to be drilled on this large licence where multiple leads have been identified. The presence of hydrocarbon shows is encouraging and the quality of data recovered will enable clear decision making going forwards. Over the coming weeks and months more technical work will be conducted on all the data and geological samples recovered from the well as we  refine our hydrocarbon system model and plan our next steps for the Licence."

For further information please contact:

Egdon Resources plc

Mark Abbott, Jerry Field                                                                                          01256 702 292

Buchanan

Richard Darby, Anna Michniewicz                                                                         020 7466 5000

Nominated Adviser and Broker - Cantor Fitzgerald Europe

David Porter, Sarah Wharry (Corporate Finance)                                                  020 7894 7000

Richard Redmayne (Corporate Broking)

Joint Broker - VSA Capital Limited

Andrew Monk (Corporate Broking)                                                                         020 3005 5000

Andrew Raca (Corporate Finance)

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 France. 

Egdon currently holds interests in thirty four 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.

 

END

 

 

DRLDGGDXSGDBGUD