Licence Extension on PEDL143 "A24" Prospect

RNS Number : 5450J

Egdon Resources PLC

20 August 2019

 

20 August 2019

EGDON RESOURCES PLC

 ("Egdon" or "the Company")

Licence Extension on PEDL143 "A24" Prospect

Egdon Resources plc notes the announcement made this morning by UK Oil & Gas PLC ("UKOG") concerning a two year extension of PEDL143 in the Weald Basin where Egdon has an 18.4% interest:

The UKOG release stated;

"UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that the Oil and Gas Authority ("OGA") has granted a two-year extension to the initial term of the Company's operated PEDL143 licence (UKOG 67.5%, northern Weald, "A24" prospect). The initial term will now end on 30 September 2022.

PEDL143 "A24" Prospect

The licence lies immediately to the west of the Company's Horse Hill licences (UKOG 85.635%) and contains the significant "A24" Portland and Kimmeridge oil prospect, a direct geological look-alike to the Company's Horse Hill oil field, situated on-trend some 8km to the east. Several smaller prospects of similar size to the nearby Brockham Portland oil field have also been identified. Multiple potential new drilling sites outside the nearby Area of Outstanding Natural Beauty are under evaluation and drilling is now scheduled to follow directly after the completion of the Company's 9-well 2019/2020 drilling programme, subject to the grant of necessary regulatory approvals."

For further information please contact:

Egdon Resources plc

Mark Abbott/ Martin Durham                                                       01256 702 292

Buchanan

Ben Romney, Chris Judd                                                             020 7466 5000

Nominated Adviser and Broker - Cantor Fitzgerald Europe               

David Porter/ Rick Thompson (Corporate Finance)                     020 7894 7000

Caspar Shand Kydd (Sales)

Joint Broker - VSA Capital Limited

Andrew Monk (Corporate Broking)                                               020 3005 5000

Andrew Raca (Corporate Finance)

Qualified Person Review

In accordance with the AIM Rules - Note for Mining and Oil and Gas Companies, this release has been reviewed by Mark Abbott, Managing Director of Egdon, who is a geoscientist with over 30 years' experience and is a member of the Petroleum Exploration Society of Great Britain and a Fellow of the Geological Society.  Mr Abbott has consented to the inclusion of the technical information in this release in the form and context in which it appears.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the publication of this announcement via Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.

 

END

 

 

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