Egdon Resources - Springs Road exploration well results
Egdon and IGas have provided a summary of initial analysis of the core extracted from Springs Road-1 (SR-01), in which Egdon holds a 14.5% interest. The well was drilled as a vertical exploration well in the centre of the Gainsborough Trough Basin where Egdon holds 82,000 net acres. The Bowland Shale, the Millstone Grit and the Arundian Shale were encountered with 429m of hydrocarbon bearing shale (147m cored) within the Bowland. Core analysis is positive with key shale characteristics comparable to commercial shales found in North America. High clay content was viewed as a risk pre-drill but the company believes that average clay content of below 30% should ensure the rock can be effectively fracture stimulated.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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