July 14, 2024


Make Every Business

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

Shell will drive a 3D seismic programme in 2021 and will then progress in direction of a well expenditure choice.

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

It comes just after British isles regulator Oil & Gas Authority (OGA) authorized the transfer of a 70{79e59ee6e2f5cf570628ed7ac4055bef3419265de010b59461d891d43fac5627} interest in equally assets to Shell, leaving Egdon with thirty{79e59ee6e2f5cf570628ed7ac4055bef3419265de010b59461d891d43fac5627}.

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Shell is covering eighty five{79e59ee6e2f5cf570628ed7ac4055bef3419265de010b59461d891d43fac5627} of the expenses in an approaching 3D seismic programme, to study equally Resolution and Endeavour, which is slated to acquire position prior to the conclude of May possibly 2021.

“We are delighted to have completed the transfer of interest and operatorship to Shell in respect of these vital, and perhaps beneficial, licences for Egdon,” stated Mark Abbott, Egdon taking care of director.

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

Abbott added: “We appear ahead to setting up on our good functioning connection with Shell and benefiting from their significant all over the world operational practical experience and experience.”

The farm-out agreement caps the full cost carry at the equal of US$5mln, thereafter Egdon would decide on up thirty{79e59ee6e2f5cf570628ed7ac4055bef3419265de010b59461d891d43fac5627} of the bill. Shell in the meantime also commits to spend for one hundred{79e59ee6e2f5cf570628ed7ac4055bef3419265de010b59461d891d43fac5627} of studies and manpower expenses by means of to the predicted well expenditure conclusions, subsequent the surveying.

A Schlumberger assessment of  the Resolution gas discovery, in 2019, approximated some 231bn cubic toes of contingent gas assets – with the P90 to P10 variety set at 100bn to 389bn cubic toes – in the meantime the Endeavor ‘satellite’ discovery was approximated to have 18bn, with the variety set at 10bn to 28bn.

Resolution was found out originally by Complete in 1966 and the pair of assets were being acquired by Egdon in 2019’s 26th British isles Seaward Licensing Spherical.