Wressle Update

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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