Government Announcement on Shale Gas

RNS Number : 3960H

Egdon Resources PLC

06 April 2022

 

  6 April 2022

EGDON RESOURCES PLC

 ("Egdon" or "the Company")

Government Announcement on UK shale

Egdon Resources plc (AIM:EDR) welcomes the Government's announcement of 5 April 2022 of a scientific review of shale gas by the British Geological Survey.  The review is to report before the end of June 2022.

The full text of the Government's announcement can be found at https://www.gov.uk/government/news/scientific-review-of-shale-gas-launched

Egdon holds a significant portfolio of shale gas licences covering an area of 151,742 net acres (614 square kilometres) with estimated mean volumes of undiscovered gas in place of 37.6 trillion cubic feet. Egdon's primary focus is the Gainsborough Trough where the results from the 2019 Springs Road-1 well highlighted a potentially world class resource in the Gainsborough Shale.

Commenting, Mark Abbott, Managing Director of Egdon Resources plc, said:

"This review is a logical and welcome move by the government. Gas heats over 80% of our homes and generates around 40% of our electricity and will continue to be an important part of our energy mix out to 2050 and beyond.  UK shale gas could be a strategically important national resource with the potential to reduce the UK's growing reliance on gas imports, whilst reducing gas prices, improving our balance of payments, increasing tax revenues and creating skilled jobs whilst importantly also reducing the carbon footprint of the gas we all use."

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 (Corporate Broking)  020 3005 5000

Andrew Raca (Corporate Finance)

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.

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.

Evaluation of hydrocarbon volumes has been assessed in accordance with 2007 Petroleum Resources Management System prepared by the Oil and Gas Reserves Committee of the Society of Petroleum Engineers (SPE) and reviewed and jointly sponsored by the World Petroleum Council (WPC), the American Association of Petroleum Geologists (AAPG) and the Society of Petroleum Evaluation Engineers (SPEE).

Notes to Editors:

Egdon Resources plc (LSE: EDR) is a UK focused energy company. 

Egdon holds interests in 39 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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