Egdon Resources said it is “encouraged” by Shell deciding to drill a neighbouring discovery to two of its Southern North Sea assets.
Shares in Egdon Resources climbed more than 30% today as the firm and its partners reported first oil from the Wressle project, onshore UK, was approaching fast.
Shell has postponed a 3D seismic survey in the UK North Sea after weighing up the impacts on fishing businesses and the environment.
Shell will kick off seismic studies on the Resolution and Endeavour gas discoveries in the North Sea in the first quarter of next year.
The Oil and Gas Authority (OGA) has agreed to extend a pair of southern North Sea licences which are expected to come under Shell’s watch.
Oil major Shell will farm into a pair of UK North Sea licences currently held by Egdon Resources.
Egdon Resources’ Wressle oil discovery in Lincolnshire has been recommended for approval by the local council.
Egdon Resources has bought an additional 5% interest in the licences containing the Wressle oil discovery and the Broughton North prospect.
Egdon Resources said today that its appeals against two planning refusals for developing an oil discovery in Lincolnshire had been rejected.
Egdon Resources has struck a deal to sell a 20% stake in the producing Fiskerton Airfield oil field in Lincolnshire for £137,000.
Egdon Resources has purchased a 100% interest in the Fiskerton Airfield oil field in Lincolnshire.
Egdon Resources was hit by a setback on Monday after North Lincolnshire County Council refused planning permission for development of the Wressle Oil Field.
Egdon Resources said today that it had wrapped up a deal to increase its stake in a licence in the East Midlands.
Egdon Resources said today that it had raised £2million via an open offer and will use the proceeds to press ahead with the Wressle oil field in Lincolnshire.
Egdon Resources has agreed a deal to beef up its share in a licence in the East Midlands.
Egdon Resources said it has made the acquisition of two additional interests in the East Midlands.
Egdon Resources said a number of changes have been made to licences after a number of extensions and conversions were approved by the Oil and Gas Authority (OGA).
Union Jack Oil said it has acquired a further 8.33% economic interest in an onshore asset in Lincolnshire.
Europa Oil and Gas and Union Jack Oil have joined other oil juniors on the PEDL143 licence in southern England, which hosts the Holmwood prospect, after signing a deal to acquire a stake in the project by partly funding future work programmes.
Egdon Resources, the UK-focused oil and gas company, reported a pretax loss of £2million, due largely to impairments on its Waddock Cross project.
Egdon Resources has completed its drilling operations at the Laughton-1 conventional exploration well in Lincolnshire with little hydrocarbons to show for it.
Union Jack Oil has entered into an agreement with Egdon Resources to farm-in to the conventional prospects of PEDL209 containing the Laughton Prospect. The company said under the terms of the agreement, it will pay 16.67% of the costs of the Laughton-1 well.
Union Jack Oil has completed its acquisition of a 10% stake in the Keddington oil field, onshore UK.
Egdon Resources has been offered a total of seven blocks or part blocks in the first tranche of the 14th onshore oil and gas licensing round. More than two dozen new areas in northern England and the Midlands could face fracking after new licences were awarded for oil and gas exploration. Egdon said the blocks up for grabs were in the East Midlands petroleum province and could expand the company’s acreage and opportunity base within one of its core areas of activity.
Egdon Resources has revealed encouraging results from the pumped test carried out at the Wressle-1 oil and gas discovery in licence PEDL180 in England. The company said assessments carried out over the Penistone flags zone 3A showed a production rate of more than 180 barrels of oil equivalent per day. Previous initial testing at the Ashover Grit, the Wingfield Flags and the Pensitone Flags had been carried out but due to a problem with downhole testing equipment, test operations were switched to focus on the shallower Penistone region.