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Egdon Resources Announces Details of UK 14th Onshore Oil and Gas Licensing Round Final Awards

Source: 10/3/2016, Location: Europe

Egdon Resources plc is pleased to confirm that the Oil & Gas Authority has formally issued the Company with nine new Petroleum Exploration and Development Licences ("PEDLs") arising from the UK 14th Onshore Oil and Gas Licensing Round as previously advised. The new licences, covering a total of 18 UK National Grid blocks and part blocks with a total area of approximately 1,141 square kilometres (281,979 acres), were originally offered in two tranches in 2015.

The licences are located in the East Midlands Petroleum Province and the Cleveland Basin as detailed below and expand the Company's acreage and opportunity base within these two core areas providing a mix of new conventional and unconventional resource opportunities.

East Midlands - Gainsborough Trough

- PEDL273 (SE31c, SE41e) Egdon 15%,IGas 35% and operator) and Total 50%.
- PEDL305 (SK49, SK59b) Egdon 15%, IGas 35% (operator) and Total 50%.
- PEDL316 (SK89e, SK88b, SK87c) Egdon 15%, IGas 35% (operator) and Total 50%.

East Midlands - Humber Basin

PEDL334 (TA30, TF39b) Egdon 37.5% (operator), Celtique Energie Petroleum Limited 37.5% and Petrichor Energy UK Limited 25%.

PEDL339 (TF38c) Egdon 75% (operator), Terrain Energy Ltd 15% and Nautical Petroleum Ltd 10%. Adjoins PEDL005(R) and contains a portion of the Louth prospect. As part of the farm-out announced in July 2015 Egdon will transfer a 10% interest in this licence to Union Jack Oil plc subject to OGA consent.

East Midlands - Widmerpool Basin

PEDL306 (SK52a, SK53) Egdon 18.75% (operator), Hutton Energy Limited 25%, Coronation (Oil and Gas) Limited 25%, Celtique Energie Petroleum Limited 18.75% and Petrichor Energy UK Limited 12.5%.

Cleveland Basin

PEDL259 (NZ51, NZ52b, NZ52c) Egdon 49.99% and Third Energy Onshore Limited 50.01% (operator). This licence surrounds part of PEDL068 in Teeside, which contains the Kirkleatham conventional gas field,and was originally offered to a consortium including Celtique Energie Petroleum Limited who withdrew from the application prior to award.

PEDL343 (SE99a, TA09) Egdon 17.5%, Third Energy UK Gas Limited 20.0% (operator), Europa Oil & Gas Limited 22.5%, Shale Petroleum (UK) Limited 22.5%, Petrichor Energy UK Limited 12.5% and Arenite Petroleum Limited 5.0%. This licence contains the Cloughton tight gas discovery (Bow Valley, 1986) around 10km north of Scarborough, also covers part of the site from which Egdon may submit plans to drill a well to test the offshore "A Prospect conventional gas discovery (Total, 1966).

PEDL258 (NZ90) Egdon 100% (operator). This licence adjoins SE99a in PEDL348 above and covers the remaining part of the "A" Prospect well site.

Commenting on the issue of these14th Round licences, Mark Abbott, Managing Director of Egdon Resources plc, said:

"We are pleased to be formally issued with these new licences that were initially offered to the Company in August and December 2015. The award of the licences strengthens Egdon's position in two of our core areas, the East Midlands and Cleveland Basins, and we can now look forward to progressing with the detailed evaluation of the blocks."

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