Update: Wressle testing suggests a commercial discovery
Following three months of testing operations at Egdon’s Wressle discovery we view the find as moving towards commercial discovery status. Having successfully produced oil from four distinct zones, the well is to be placed on an extended pumped well test from mid-May. We now include Wressle in our core NAV for the company, which increases to 10.1p/share. Wressle represents a positive result for Egdon’s conventional drilling campaign, which is set to restart later in the year with wells at Laughton, North Kelsey and Biscathorpe, in combination worth a potential 75p (success case) to the company.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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