Egdon Resources has announced a summary of the results of an independent review of the shale gas potential of some of its licences in northern England. The report estimates its UK shale gas licences hold approximately 18 trillion ft3 of gas.
ERC Equipoise Limited (ERCE) has completed a review of undiscovered gas initially in place (GIIP) in some of Egdon’s licences where potential for shale gas exists within the Carboniferous age Bowland-Hodder sequence, as defined in a 2013 British Geological Survey report.
ERCE reported a GIIP of approximately 18 trillion ft3, with a range of 8 – 31 trillion ft3 and a mid-case range of 15 trillion ft3 in seven of Egdon’s licences.
Edgon Resources, which sold a stake in one of its shale gas licences to Total earlier in 2014, also said it was continuing to look for acquisition and consolidation opportunities in the sector.
"Given the high level of interest and recent transactions, we expect our UK shale gas assets to be an increasing near-term value driver for the business," commented Egdon Resources chairman, Philip Stephens.
The company also plans to take part in Britain’s next offshore licensing round, which is excepted to launch later this year.
Edited from various sources by Katie Woodward