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. (more…)

Egdon Resources plc (AIM:EDR) is pleased to announce that it has reached agreement in respect of a farm-out of the Laughton-1 exploration well and two other conventional prospects in PEDL209 to Union Jack Oil plc (“Union Jack”).

Under the terms of the farm-out, Union Jack will earn a 10% interest in the Laughton-1 exploration well and two other conventional prospects in PEDL209, in return for paying 16.67% of the cost of the well. The Laughton-1 well is expected to start drilling during February 2016. (more…)

Egdon Resources plc (AIM:EDR) is pleased to announce the commencement of drilling operations on the Keddington-5 conventional sidetrack development well in UK Onshore Licence PED005R located in Lincolnshire.

Keddington-5 is a sidetrack of the Keddington-4 production well and is designed to target an area of the field where the sandstone reservoir has not been produced. The intent is to increase production and profitability from the field.  Operations are expected to complete in early February.

Based upon an integrated geological and geophysical evaluation, Stock Tank Oil Initially in Place estimates indicate that the well will target an undrained volume that ranges between 309,000 and 566,000 barrels of oil. (more…)

The Company has been informed that Andrew Lodge, non-executive Director, purchased 500,000 ordinary shares in the Company on 4th January 2016 at a price of 9.5 pence each. Mr Lodge’s total beneficial shareholding in the Company is now 500,000 ordinary shares, representing 0.23 per cent of the issued share capital of the Company.

Egdon Resources plc (AIM:EDR) is pleased to announce the appointment of Paul Jenkinson as a Non-Executive Director of the Company with immediate effect. Paul is Chief Executive Officer of Alkane Energy plc, which holds 40,000,000 ordinary shares of Egdon representing approximately 18 per cent. of Egdon’s issued share capital.  As a result of Paul’s appointment, Neil O’Brien, who has been Alkane’s representative non-executive director on the Egdon Board, has resigned with immediate effect. (more…)