Egdon Resources plc (LON:EDR) has welcomed the Government’s announcement of 5 April 2022 of a scientific review of shale gas by the British Geological Survey. The review is to report before the end of June 2022.
The full text of the Government’s announcement can be found at https://www.gov.uk/government/news/scientific-review-of-shale-gas-launched
Egdon holds a significant portfolio of shale gas licences covering an area of 151,742 net acres (614 square kilometres) with estimated mean volumes of undiscovered gas in place of 37.6 trillion cubic feet. Egdon’s primary focus is the Gainsborough Trough where the results from the 2019 Springs Road-1 well highlighted a potentially world class resource in the Gainsborough Shale.
Commenting, Mark Abbott, Managing Director of Egdon Resources plc, said:
“This review is a logical and welcome move by the government. Gas heats over 80% of our homes and generates around 40% of our electricity and will continue to be an important part of our energy mix out to 2050 and beyond. UK shale gas could be a strategically important national resource with the potential to reduce the UK’s growing reliance on gas imports, whilst reducing gas prices, improving our balance of payments, increasing tax revenues and creating skilled jobs whilst importantly also reducing the carbon footprint of the gas we all use.”