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Egdon Resources Announces Results of CPR on the Resolution Gas Discovery Offshore UK

Source: www.gulfoilandgas.com 4/9/2019, Location: Europe

AIM-listed Egdon Resources has announced the results of a Competent Person's Report ('CPR') prepared by Schlumberger Oilfield UK in relation to the Resolution gas discovery of which Egdon is operator and holds a 100.00% interest in Licence P1929.

Schlumberger has made independent estimates of Contingent Gas Resources that can be attributed to the Zechstein reservoir in the 1966 gas discovery made by Total in well 41/18-2 (UK).

Mark Abbott, Managing Director of Egdon Resources, said: 'This independent evaluation of the Resolution gas discovery conducted by Schlumberger has validated the material resource potential of the asset of which Egdon currently holds 100%. It should be noted that the substantial (multi-Trillion cubic feet (TCF)) additional gas potential in the underlying Carboniferous sandstones have not been included in this assessment.

Following discussions with the OGA, we hope for the grant of an extension to the licence to enable the acquisition of a 3D seismic survey in September/October 2019. We now look forward to progressing our discussions with potential industry partners with a view to funding the planned acquisition of the 3D seismic programme over the Resolution Discovery and the adjacent Endeavour Discovery in neighbouring Licence P2304 (100% Egdon).

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