Egdon Resources - Poorly developed sands at Biscathorpe-2
Basal Westphalian sandstones targeted at Biscathorpe-2 were found high to prognosis and poorly developed. Elevated gas readings and oil shows in the Dinantian Carbonate provide indication of an effective petroleum system and Egdon sees the potential for a better developed reservoir to the north and north-east of Biscathorpe-2, a potential target for a future side-track. Our last published conventional asset value for Egdon was 12.7p/share and included 3.6p/share of risked value for Biscathorpe-2, which we expect to remove. Valuation of Egdon’s net shale resource (188,000 net acres) remains uncertain but, in our view, has potential to be worth risked c 100p/share based on the current expectation of well cost, type curves and forward gas prices, assuming a supportive political and planning backdrop.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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