Egdon Resources plc (AIM:EDR) has announced that the Oil and Gas Authority (OGA) has approved a series of licence extensions and conversions of licences to new model terms, and the relinquishment of one Egdon operated licence.
The OGA has offered holders of existing UK Onshore licences the opportunity to adopt 14th Round licence terms which allow licensees to nominate areas to be retained in exchange for additional work programmes. Egdon has elected to follow this path on four operated licences and one further non-operated licence where the partnership has also decided to accept the new licensing terms.
PEDL191 has adopted the new 14th Round licence terms and will continue without further relinquishment. (Egdon Resources UK Limited 100%).
PEDL237 in the Wessex basin has been relinquished as the partners concluded that the bulk of the prospectivity in the area lay in PL090 surrounding Waddock Cross and that resources should be concentrated on that asset.
Non-operated licence changes
Operator Europa Oil & Gas plc’s announcement that PEDL181 (Egdon Resources UK Limited 25%) in the Humber Basin will continue into its second term following the completion of first term work commitments and partial relinquishment.
IGas operated PEDL169 has adopted new 14th Round terms and will continue without further relinquishment. (IGas 80%, Egdon Resources UK Limited 20%).
Commenting on the changes, Mark Abbott, Managing Director of Egdon Resources plc, said:
“Following on from the recently announced extension of the Europa operated licence PEDL143 containing the Holmwood prospect, we are pleased to have also been allowed additional time to drill our exciting operated onshore oil prospects at North Kelsey and Biscathorpe, and the offshore “A Prospect” which Egdon estimates may contain recoverable reserves of approximately 160 billion ft 3 of gas.In addition we are pleased to have been able to adopt the new 14th Round terms for several of our existing licences which will allow us to further evaluate the unconventional resource potential of the retained areas.
The relinquishment of PEDL237 is in line with Egdon’s strategy to focus on fewer, high potential areas.”
For more information please visit: http://www.egdon-resources.com
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/05072016/egdon-announces-uk-licence-changes/