Egdon Resources - Management estimates commercial upside
Egdon Resources has provided an update on its Biscathorpe project (45% interest) in Lincolnshire. The company has integrated reprocessed 3D seismic data with data from the 2019 Biscathorpe-2 well and concluded that the project holds a potentially material and commercial resource. Management estimates that the project is robust at the current oil price with an NPV10 break-even Brent price of $18.07/bbl for the primary Westphalian target. In addition, the company sees significant commercial upside in the secondary Dinantian carbonate. Egdon retains the option to test the potential of any future drill targets via a side-track of the suspended Biscathorpe-2 well.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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