March 29, 2024

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Egdon Resources PLC seals Yorkshire offshore exploration partnership with Royal Dutch Shell Plc

Shell will push a 3D seismic programme in 2021 and will then progress to a properly financial investment determination.

() has sealed its proposed partnership with Plc () in the Resolution and Endeavour fuel discoveries, off the North Yorkshire coast.

It arrives just after United kingdom regulator Oil & Gasoline Authority (OGA) accepted the transfer of a 70% interest in each belongings to Shell, leaving Egdon with 30%.

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Shell is masking eighty five% of the fees in an approaching 3D seismic programme, to study each Resolution and Endeavour, which is slated to acquire put ahead of the end of May 2021.

“We are delighted to have done the transfer of interest and operatorship to Shell in respect of these crucial, and possibly important, licences for Egdon,” said Mark Abbott, Egdon handling director.

“The aim will now be on progressing appraisal activity on the Resolution and Endeavour fuel discoveries.”

Abbott additional: “We glance forward to making on our excellent performing connection with Shell and benefiting from their considerable globally operational expertise and experience.”

The farm-out arrangement caps the total expense have at the equivalent of US$5mln, thereafter Egdon would choose up 30% of the monthly bill. Shell meanwhile also commits to spend for 100% of experiments and manpower fees by means of to the anticipated properly financial investment conclusions, next the surveying.

A Schlumberger assessment of  the Resolution fuel discovery, in 2019, estimated some 231bn cubic feet of contingent fuel means – with the P90 to P10 variety established at 100bn to 389bn cubic feet – meanwhile the Endeavor ‘satellite’ discovery was estimated to have 18bn, with the variety established at 10bn to 28bn.

Resolution was uncovered originally by Total in 1966 and the pair of belongings were acquired by Egdon in 2019’s twenty sixth United kingdom Seaward Licensing Spherical.