Response to Lifting of Shale Gas Moratorium

RNS Number : 8063Y

Egdon Resources PLC

08 September 2022

 

 

8 September 2022

EGDON RESOURCES PLC

("Egdon" or "the Company")

Response to Government Lifting the Shale Gas Moratorium

The directors of Egdon Resources plc (AIM:EDR), a UK focused energy company, welcome today's announcement by the Prime Minister, Liz Truss, of the lifting of the moratorium on hydraulic fracturing for shale gas which was introduced in November 2019.

Commenting on today's announcement, Mark Abbott, Managing Director of Egdon Resources plc, said:

"The lifting of the moratorium is a logical and pragmatic response to the new geopolitical reality and the new Government should be congratulated on the speed and foresight of its action.  In contrast to a growing reliance on imports, the development of indigenous shale gas could have a positive impact on energy security, gas prices and the UK's balance of payments, whilst delivering tax revenues, business rates, community benefits and thousands of well paid, skilled jobs. Importantly shale-gas can also play its part in delivering the goals of Net Zero and the Energy Security Strategy.

With Egdon's material shale-gas position, we now look forward to working positively with Government and local communities to deliver this nationally important resource in a timely fashion."

For further information please contact: 

Egdon Resources plc

Mark Abbott, Martin Durham  01256 702 292

Buchanan

Ben Romney, Jon Krinks  020 7466 5000

Nominated Adviser & Joint Broker - WH Ireland Limited 

Chris Hardie, Megan Liddell  020 7220 1666

Joint Broker & Financial Advisors - VSA Capital Limited

Andrew Monk, Andrew Raca   020 3005 5000

Egdon's Shale Gas Assets

Egdon's holds a material shale-gas acreage position in Northern England covering a net area of 664 square kilometres (km²) (164,280 net acres) with estimated Mean volumes of undiscovered gas in place of 37.6 trillion cubic feet of gas (independently assessed by ERCE in 2016).  Egdon's core area, is the Gainsborough Trough of Nottinghamshire, Lincolnshire and Yorkshire, where the Company holds interests in 288 km² (71,361 net acres).   The results from the 2019 Springs Road-1 well (Egdon 14.5%) compare favourably with some of the best US commercial shale operations and highlight a potentially world class resource in the prospective Gainsborough Shale. Egdon also retains interests in the Widmerpool Basin and Humber Basin of the East Midlands, the Cleveland Basin of NE England and the Blacon Basin of NW England. 

About Egdon

Egdon Resources plc (LSE: EDR) is an established UK-based energy company focused on onshore exploration and production in the UK. 

Egdon holds interests in 36 licences in the UK and has an active programme of exploration, appraisal and development within its portfolio of oil and gas assets. Egdon is an approved operator in the UK.  Egdon was formed in 1997 and listed on AIM in December 2004.

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.

This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

 

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