Egdon Resources plc is pleased to report the main points from the announcement made this morning by IGas Energy plc (“IGas”) as they concern the Springs Road-1- (“SR-01”) well on license PEDL140, in which Egdon holds 14.5% interest:
· The Springs Road-1 well has reached a total depth of 3,500 metres after encountering all three pre-drill targets – the Bowland Shale, the Millstone Grit and the Arundian Shales.
· A hydrocarbon bearing shale sequence of over 250 metres was encountered within the upper and lower Bowland Shale (as announced on 11 March 2019). In addition, significant gas indications were observed within the Millstone Grit sequence, deeper parts of the lower Bowland Shale and the Arundian shale.
· The cores and wireline logs will now undergo a suite of analysis, the first results of which should be available in the second quarter of 2019 and which will give us further insight into the resource potential and shale characterisation that will be utilised for future appraisal and development of the wider East Midlands area.
· The Springs Road drilling performance has been very encouraging with improved rates of penetration leading to better than anticipated drilling performance and lower costs.
Commenting on the announcement Mark Abbott, Managing Director of Egdon Resources plc, said:
“These results from the Springs Road-1 well are highly encouraging, having encountered all three pre-drill objectives and demonstrating the presence of a significant sequence of hydrocarbon bearing shales. We await with anticipation the results of the detailed core and wireline log analysis which will provide additional insight into the resource potential of the Gainsborough Trough where Egdon holds interests in 82,000 net acres. We look forward to updating shareholders in due course.”