Egdon Resources plc (AIM: EDR, “Egdon”) is pleased to provide an update on the Biscathorpe Project in Lincolnshire Licence PEDL253 where the Company holds a 35.80% interest.
This information will also be provided at a Biscathorpe Community Liaison Group meeting being held later today 10 November 2020.
As previously advised, a detailed technical evaluation by the PEDL253 Joint Venture has identified accessible drilling target areas on the Biscathorpe Prospect, where evidence for a thickened Westphalian sandstone reservoir interval is evident on the reprocessed 3-D seismic. These areas can be targeted by a side-track of the existing Biscathorpe-2 well which was suspended following drilling operations in 2019. The proposed side-track will also target the oil column logged in the underlying Dinantian Carbonate in Biscathorpe-2.
Egdon, on behalf of the PEDL253 joint venture partners, will be submitting an application for planning permission for the side-track drilling operation, associated testing and in a success case the long term production of oil at the site.
A screening opinion was sought from Lincolnshire County Council (LCC) in respect of the need for an Environmental Impact Assessment, given the scope of the proposed application, which includes production, and the site location. A positive screening opinion has been adopted by LCC and as such the planning application will need to be accompanied by an Environmental Statement which integrates a number of specialist reports and assessments. This thorough process will enable Egdon to identify and address any potential environmental impacts arising from the proposed activity.
Notwithstanding social distancing requirements and restrictions on meeting as a result of COVID-19, Egdon plans to engage with the local community and statutory consultees via a virtual public consultation event ahead of finalising the submission.
The planning application will be submitted before the end of February 2021.
Commenting, Mark Abbott, Managing Director of Egdon Resources plc, said:
“Biscathorpe represents a material and financially robust opportunity to secure a lower carbon footprint (when compared to imports) indigenous source of oil which would generate local and regional economic benefits. Our planning application will include long term production, which if approved would provide clarity on planning, ahead of further drilling and would enable rapid development in a success case.
We are committed to consulting with the local community and other stakeholders and today’s community liaison group meeting provides an opportunity to commence this process as we continue to develop the detailed planning application for submission.”