Egdon Resources commences drilling at Wressle-1 exploration well

7/21/2014

Egdon Resources commences drilling at Wressle-1 exploration well

ODIHAM, United Kingdom -- Egdon Resources Plc reported the commencement of drilling operations at the Wressle-1 conventional oil exploration well in Lincolnshire Licence PEDL180 located to the East of Scunthorpe.

The Wressle-1 well "spudded" on 19 July 2014. Drilling operations are expected to take around 38 days.

The planned well will be drilled as a deviated well to a total depth of about 2,300 m (ca. 1,850 m TVDSS). It has been designed to intersect a number of prospective Upper Carboniferous age sandstone reservoirs in a structurally favourable position near the crest of the Wressle structure.

The Wressle Prospect is defined on proprietary 3D seismic data, which was acquired by Egdon in February 2012. The Prospect is located on trend with the producing Crosby Warren oil field and the Broughton-B1 oil discovery, both to the immediate northwest, and the Brigg-1 oil discovery to the immediate southeast. All contain oil in various different sandstone reservoirs within the Upper Carboniferous succession. The gross mean Prospective Resources at Wressle, as calculated by Egdon, are estimated to be 2.1 MMbbl of oil.

The interests in PEDL180 and the Wressle-1 well are: Egdon Resources U.K. Limited - 25.00% (Operator), Celtique Energie Petroleum Limited - 33.33%, Europa Oil & Gas Limited - 33.34% and Union Jack Oil Plc - 8.33%.

Operations at this site will not - either now or in the future - involve the process of hydraulic fracking for shale gas.

Commenting on the commencement of drilling operations Mark Abbott, MD of Egdon said: "We are pleased to be commencing a more active operational period with the start of drilling operations on the Wressle prospect and we look forward to updating shareholders with the results from this well towards the end of August. Success in our conventional exploration drilling programme could lead to near-term additions to our production and revenue stream and is a key part of our strategy."

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