April 14, 2024

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

Shell will generate a 3D seismic programme in 2021 and will then advance in direction of a properly financial commitment final decision.

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

It will come following British isles regulator Oil & Gas Authority (OGA) authorised the transfer of a 70% interest in the two assets to Shell, leaving Egdon with thirty%.

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Shell is covering 85% of the costs in an upcoming 3D seismic programme, to survey the two Resolution and Endeavour, which is slated to consider spot ahead of the end of May 2021.

“We are delighted to have finished the transfer of interest and operatorship to Shell in regard of these crucial, and likely useful, licences for Egdon,” stated Mark Abbott, Egdon controlling director.

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

Abbott additional: “We appear ahead to creating on our excellent doing the job marriage with Shell and benefiting from their considerable worldwide operational expertise and experience.”

The farm-out arrangement caps the overall charge have at the equivalent of US$5mln, thereafter Egdon would decide up thirty% of the bill. Shell meanwhile also commits to shell out for one hundred% of reports and manpower costs by means of to the expected properly financial commitment selections, pursuing the surveying.

A Schlumberger evaluation of  the Resolution gasoline discovery, in 2019, believed some 231bn cubic feet of contingent gasoline resources – with the P90 to P10 selection established at 100bn to 389bn cubic feet – meanwhile the Endeavor ‘satellite’ discovery was believed to have 18bn, with the selection established at 10bn to 28bn.

Resolution was identified originally by Total in 1966 and the pair of assets were acquired by Egdon in 2019’s twenty sixth British isles Seaward Licensing Round.