13th Feb 2008 14:00
Egdon Resources PLC13 February 2008 For Immediate Release 13th February 2008 EGDON RESOURCES PLC ("EGDON" or "the Company") Result of Grenade-3 Exploration Well Egdon Resources Plc (AIM:EDR) the onshore focused energy company today providesan update on the results of the Grenade-3 exploration well drilled in the StLaurent Permit of SW France where the Company holds a 33.423% operated interest. The Grenade-3 well spudded on 10 January 2008 and reached a total depth of 2310metres on 10 February. The target "Vraconian" limestone interval was penetrated21m up-dip of the Grenade-1 discovery well. However, coring and logging haveindicated that the target interval had no effective porosity and as such was nothydrocarbon bearing. The Grenade-3 well has therefore been suspended whilstdetailed analysis is undertaken of the core data and the results incorporatedinto the field model. The option has been retained to target other areas of theGrenade prospect via a sidetrack from the Grenade-3 well. The Grenade-3 well was drilled as a 1.6 kilometre step-out to Grenade-1, drilledby Elf in 1975 which found a 97m column of 10 degree API oil. The Grenade heavyoil accumulation is mapped as a three-way up-dip pinch-out of the reservoir on alow energy carbonate platform. Grenade-3 has defined the eastern limit ofreservoir development within the structure although potential still exists tothe west and south around the Grenade-1 well and also northwards towards theMaurrin-1 well. Commenting on the well Egdon's Managing Director Mark Abbott said: "The lack of reservoir development in the Grenade-3 well is disappointing buthas defined the eastern limit of the Grenade stratigraphic trap. We will nowincorporate the results of this well into our geological and commercial modelsprior to determining any future work programme. Egdon remain committed toexploration in France and will be focusing on understanding the implications ofthis well and also progressing our evaluation of the multi-TCF potentialAudignon Anticline gas prospect also within the St Laurent Permit." For further information please contact: Egdon Resources PlcMark Abbott, Joint Managing 01256 702 292Director Buchanan CommunicationsBen Willey 020 7466 5000Nicholas Melson Seymour PierceJonathan Wright 020 7107 8000 Notes to Editors: The co-venturers in the St Laurent Permit are as follows: Company InterestEgdon Resources (New Ventures) Ltd 33.423%Sterling Resources UK Limited 33.423%Nautical Petroleum plc 22.000%Malta Oil and Gas Limited 11.154% Company Background Egdon Resources plc, the oil and gas exploration and production company focussedon the onshore UK and mainland Europe. Egdon has a balanced portfolio ofdevelopment, appraisal and exploration projects in over 20 licences, all inproven oil and gas producing basins in the UK and France In accordance with AIM rules - guidance for mining, oil and gas companies, theinformation contained in this announcement has been reviewed and signed off bythe Managing Director of Egdon Resources Mark Abbott, a Geoscientist with over21 years experience. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
EDR.L