I have been watching Egdon Resources for a while, and think they may prove to be worth an investment.

I like the idea of a British company finding oil and gas on UK soil, and as Egdon have a site at Waddock X, fairly close to where I live, I have decided to follow their progress.


Egdon has interests in 19 licences in the hydrocarbon producing basins of the UK and France, containing two oil discoveries and a further 48 prospects.

The Company's shares are traded on the Alternative Investment Market of the London Stock Exchange.




OIL AND GAS ASSETS

Egdon holds 19 licences, all of which lie within proven oil and gas producing basins and contain a mix of oil and gas prospectivity. The assets and technical management of the Company are divided into four geographically defined business areas; Southern England, Northern England (and adjacent offshore areas), East Midlands and France.





Company website : http://www.egdon-resources.com

Crikey !...it's got a chart looking like that skycraper in Dubai !...looks like I picked the wrong gas share...

Not sure why it's gone so berzerk but it's having knock on affect to other Oilies so can't complain.
Awful volatility today , I think it's the end for now, seem to be switching to EOG for it's turn, who have a tie up with EDR

Completion of Farm-out Agreement with Total E&P UK Limited - PEDL139 & PEDL140

Egdon Resources plc (AIM:EDR) is pleased to announce the completion of the Farm-out Agreement with Total E&P UK Limited in respect of UK Onshore Petroleum Exploration and Development Licences PEDL139 and PEDL140.

As a consequence of the various agreements between the parties, Egdon will receive $600,000 (ca. £365,000) in cash following completion.

The interests in PEDL139/140 are:

Total E&P UK Limited : 40.0%
GP Energy Limited (a subsidiary of Dart Energy Europe Limited) : 17.5%
Egdon Resources U.K. Limited : 14.5%
Island Gas Limited : 14.5%
eCORP Oil & Gas UK Limited : 13.5%

StockMarketWire.com
Egdon Resources has started drilling operations at the Laughton-1 exploration well in Lincolnshire. The Laughton-1 well was spudded 12 February 2016.

The well will target a structural trap at a depth of over 1,500 metres defined on reprocessed two-dimensional seismic data.

The Laughton Prospect has multiple conventional Carboniferous sandstone reservoir targets with the primary objective being the Silkstone Rock, an approximately 15 metre thick sandstone interval which is productive in the analogous Corringham Oil Field located five kilometres to the south-east. Two other potential reservoirs, the Kilburn Sandstone and the Wingfield Flags, will also be targeted by the well. The consolidated mean Prospective Resource volume for the three targets, is estimated by Egdon to be 1.3 million barrels of oil.

Egdon says the operations at the Laughton wellsite will not, either now or in the future, involve the process of High Volume Hydraulic Fracturing for shale gas.

In January 2016 Egdon announced that Union Jack will earn a 10% interest in the Laughton-1 exploration well and two other conventional prospects in PEDL209, in return for paying 16.67% of the cost of the well.

On completion of this transaction, the licence interests in the Laughton Prospect and the two other conventional prospects in PEDL209 will be:

Egdon Resources UK Limited : 50%

Blackland Park Exploration Limited : 28%

Stelinmatvic Industries Limited : 12% Union Jack Oil plc : 10%

Egdon managing director Mark Abbott said: "We are pleased to report the start of drilling at Laughton-1 and we look forward to updating shareholders with the preliminary results from the well in around one month's time. Onshore oil and gas projects remain commercially attractive even during a period of reduced commodity prices. Egdon's conventional exploration drilling programme remains a key part of our strategy, with successful exploration capable of delivering near-term additions to our production and revenue stream."