Egdon Resources PLC Wressle Update (1191I)
03 August 2023 - 8:00AM
UK Regulatory
TIDMEDR
RNS Number : 1191I
Egdon Resources PLC
03 August 2023
3 August 2023
EGDON RESOURCES PLC
("Egdon" or "the Company")
Wressle Update
Egdon Resources plc (AIM:EDR) the UK Energy Company, provides an
update on the Wressle well and expected timing of publication of
the Competent Person's Report currently being undertaken by ERC
Equipoise Ltd ("ERCE").
-- Cumulative production from the Wressle-1 well totalled
492,876 barrels of oil through to the end of July 2023
-- The well continues to produce under natural flow
-- Limited volumes of water have been observed, with water cut
averaging 3.72% of total field production during July 2023
-- The start of water production is significantly later than
originally anticipated, providing further evidence that the
expected recoverable volumes from the Ashover Grit will be at the
higher end of the estimates detailed in the independent Competent
Person's Report ("CPR") prepared by ERCE and announced on 26
September 2016. The 2016 CPR forecast gross volumes from the
Ashover Grit of 2P 0.54 MMstb and 3P 1.12 MMstb.
-- The advent of water is now being incorporated into ERCE's
reservoir modelling and resource assessment work streams, which
will be reflected in the new Competent Person's Report
-- A more detailed update will be provided when the Competent
Person's Report has been completed
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.
Glossary
2P Proven & Probable
3P Proven, Probable and Possible
MMstb million stock tank barrels
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END
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