Egdon Resources - Farm-out update and government moratorium
Egdon has announced it has signed an exclusivity agreement with a large internationally recognised E&P company for UK offshore licences P1929 and P2304. The licences sit in the Southern North Sea and contain the Resolution and Endeavour gas discoveries. Resolution has been independently assessed by Schlumberger to hold mean contingent gas resources of 231bcf. Egdon has also responded to the government announcement that it will introduce a temporary moratorium on hydraulic fracturing for shale gas. The company’s unconventional acreage holds the Springs Road-1 well, which contains 640bcf of gas per square mile.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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