Company Announcements

16 March 2023

EGDON RESOURCES PLC

("Egdon" or "the Company")

Wressle Update - Community Liaison Group Meeting

Egdon Resources plc (AIM:EDR) the UK Energy Company is pleased to provide an update on operations at the Wressle oil field following the Community Liaison Group ("CLG") meeting held during the evening of 15 March 2023.

At the meeting the following information was shared with members of the CLG:  

Operations

·   The Wressle-1 well has continued to flow oil and associated gas at production rates above forecast expectations made ahead of the successful Proppant Squeeze operation, conducted in August 2021

·      Total production from Wressle has now exceeded 390,000 barrels of oil

·      No water has been produced to date

·      Three microturbines were connected during January and February and are now fully operational

·      An extended period of fine tuning and testing of the microturbines to determine the impact on production is currently ongoing

·     The Environment Agency continues to monitor Egdon's production operation through regular visits to the Wressle site, the most recent being on 22 February 2023, with no issues identified by the Regulator

·    There have been no accidents or spillages since the start of production on the Wressle site in January 2021

·      Groundwater and surface water monitoring has continued and latest results up to end December 2022 have been published on Egdon's newly revamped community website www.egdon-community.com/active-sites

Forward Plan

·      During the second half of 2022 Egdon reprocessed the 3D seismic data over the field

·     The new data has been interpreted and mapped with the objective of identifying reservoir targets for drilling an additional well or wells at the earliest opportunity, subject to receipt of regulatory approval

·      The next new well or wells will likely be drilled from the existing Wressle wellsite

·      A new Competent Person's Report has been commissioned incorporating the new field interpretation and production performance data.  This will consider all oil and gas bearing formations at Wressle.

Community Fund

·      The Wressle Community Fund has been operating since early 2022

·     In August 2022, the operation of the fund was transferred to Broughton Community and Sports Association (BCSA) which runs the fund to meet the needs of local charities and community groups

·      Groups which are outside the remit of the BCSA can still apply directly to Egdon for funding from a smaller pot which is retained to meet these needs

·      The Wressle partners are making £100,000 a year available to local groups though these two funding pots

·      The first of three windows per year for the Wressle Community Grant closed on 31 December 2022 with 12 applications received amounting to £42,029.60

·    The Wressle partners provided additional funding of c. £5,500 to allow all eligible applications to be granted.

For further information please contact: 

Egdon Resources plc

Mark Abbott, Martin Durham                                                                          01256 702 292

Buchanan

Ben Romney, Jon Krinks                                                                                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

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), as amended, and is disclosed in accordance with the Company's obligations under Article 17 of MAR

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 35 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.

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