Keddington-5 Development Well

RNS Number : 3036O

Egdon Resources PLC

08 February 2016

 

                                                                                                                                      8 February 2016

EGDON RESOURCES PLC

("Egdon" or "the Company")

Keddington-5 Development Well Suspended for Future Production Testing

Egdon Resources plc (AIM:EDR) is pleased to provide an operational update on the Keddington-5 (KD5) development well. KD5 was spudded on the 20 January 2016 and on 1 February 2016 reached total depth (TD) of 2,433 metres measured depth, (2,201 metres true vertical depth below Ordnance Survey Datum).

During the course of drilling, elevated gas readings - indicative of the presence of hydrocarbons were recorded from a gross interval of 141 metres, containing 62 metres of net sand.

KD5 development well has been suspended with a completion string that will enable production flow testing of the reservoir with a traditional beam pump in due course.

The Keddington Field interests are as follows:                            

Egdon Resources U.K. Limited	45% (Operator)
Terrain Energy Limited	35%
Nautical Petroleum Limited*	10%
Union Jack Oil plc	10%

*Nautical Petroleum Ltd is a 100% wholly owned subsidiary of Cairn Energy PLC

Commenting on the completion of operations at Keddington-5, Mark Abbott, Managing Director of Egdon, said:

"We are pleased to report the conclusion of the KD5 drilling operation which was drilled and completed within budget. Following release of the drilling rig and reinstatement of surface facilities, the well will be tested to establish the potential production."

 

For further information please contact:

Egdon Resources plc

Mark Abbott                                                                              01256 702 292

Buchanan

Richard Darby, Anna Michniewicz                                               020 7466 5000

Nominated Adviser and Broker - Cantor Fitzgerald Europe

David Porter, Sarah Wharry (Corporate Finance)                           020 7894 7000

Richard Redmayne (Corporate Broking)

Joint Broker - VSA Capital Limited

Andrew Monk (Corporate Broking)                                               020 3005 5000

Andrew Raca (Corporate Finance)

Notes to Editors:

Egdon Resources plc (LSE: EDR) is an established UK-based exploration and production company primarily focused on onshore exploration and production in the hydrocarbon-producing basins of the UK and France.

Egdon currently holds interests in thirty six licences in the UK and France and is awaiting the issue of a further nine new UK licences in the 14^th Round.  The Company has an active programme of exploration, appraisal and development within its balanced portfolio of oil and gas assets and is an approved operator in both the UK and France.

Egdon was formed in 1997 and listed on AIM in December 2004.

In accordance with the AIM Rules - Note for Mining and Oil and Gas Companies, the information contained in this announcement has been reviewed and signed off by the Managing Director of Egdon Resources plc Mark Abbott, a Geoscientist with over 26 years' experience.

Evaluation of potential recoverable hydrocarbons 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).

 

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