Wressle Update

Egdon Resources PLC

31 August 2023

 

31 August 2023

EGDON RESOURCES PLC

("Egdon" or "the Company")

Wressle Update

Egdon Resources plc (AIM:EDR), the UK Energy Company, announces that operations to install artificial lift on the Wressle-1 well  (in which Egdon has a 30% interest) have commenced.

The operations began with a slickline programme where downhole pressure and temperature gradients were acquired. Slickline operations have now been completed and the ongoing work programme includes recompleting the well for installation of a downhole jet pump and installing the associated surface equipment. It is expected that these operations will last around three weeks and that production from the Wressle-1 well is expected to be reinstated in late September.

The downhole data obtained from these activities is being incorporated into the ongoing work by ERC Equipoise Ltd and the impact of the artificial lift will be included in the independent Competent Person's Report which will be announced once this additional work is completed.

Commenting Mark Abbott, Managing Director of Egdon, said:

"The installation of a jet pump system has been programmed for some time and was selected following earlier evaluation of all artificial lift options along with our joint venture partners.  Its installation will ensure production from the Wressle-1 well continues to be optimised following the expected onset of water production. I am pleased to confirm that operations to install the system have begun and I will update shareholders in due course."

For further information please contact: 

Egdon Resources plc

Mark Abbott, Martin Durham                                                                           01256 702 292

Buchanan

Ben Romney, Barry Archer                                                                             020 7466 5000

Nominated Adviser & Joint Broker - WH Ireland Limited                      

Antonio Bossi, Chris Hardie, James Bavister                                           020 7220 1666

Joint Broker & Financial Advisors - VSA Capital Limited

Andrew Monk, Andrew Raca                                                                          020 3005 5000

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.

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 33 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.

 

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