News

February 02, 2009

Egdon Resources Adds To Its Onshore UK Production With Output From The Avington Field In Southern England

It has taken some time in coming along but it is better late than never. Egdon Resources, the UK based explorer primarily focused on onshore exploration and production in the hydrocarbon producing basins in the UK and mainland Europe, has announced that it has been advised by The operator Star Energy that the Avington field in southern England came into production on January 23 2009 and has been flowing at approximately 300 barrels of oil per day fallen.

Onshore UK and France has been underexplored since the 1980s when seismic acquisition and drilling fell away  because of declining oil prices combined with changes to the UK fiscal regimes and removal of the Petroleum Revenue Tax (PRT) relief. Egdon was formed in 1997 and listed on London’s AIM in 2004.  The shares of Egdon rushed up through 2007 in large part through a diversification into gas storage.  Egdon divested Portland Gas, as the gas storage arm had become and relisted...