Flash note: KM-8 planning approval
Yesterday North Yorkshire County Council approved planning permission for Third Energy’s appraisal of Kirby Misperton-8 (KM-8) in the Cleveland Basin. We understand that work to hydraulically fracture and test KM-8 could be carried out as early as Q4 CY16. The read-across to Egdon is two-fold: first, planning success at KM-8 should help pave the way for planning approval at IGas-operated Springs Road where Egdon retains a 14.5% carried interest in a two-well exploration programme. Second, appraisal success could be a positive read-across for Egdon’s unconventional gas potential at the Cloughton tight gas field to the North East of KM-8 as well as Teesside to the North. Please see our report of 16 May 2016 for further details and a full breakdown of our Egdon valuation.Egdon Resources is an onshore U.K. focused oil and gas exploration and production business. As of Jul 31 2017, Co. had net proven plus probable oil reserves of 0.6 million barrels and net proven plus probable gas reserves of 1.18 billion cubic feet.
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