Egdon Resources' Springs Road well 'ahead of schedule'

Egdon Resources climbed on Friday after IGas Energy said operations at Springs Road-1, in which Egdon holds 14.5% interest, are "progressing well".

IGas Energy, which operates the Gainsborough Trough site on which the well is located, said it has encountered shales on prognosis at approximately 2,200 m, including the Bowland Shale horizon, and added that coring will commence imminently.

The rate of drilling at Springs Road has been quicker than anticipated, with the operator attributing this to lessons learned in the drilling of its own Tinker Lane-1 well drilled on the southern margin of the Gainsborough Trough.

Mark Abbott, managing director of AIM traded Egdon Resources, said: "Although preliminary, these results are highly encouraging for the Gainsborough Trough shale play and we look forward with anticipation to the results from Springs Road-1 where progress to date has been significantly ahead of schedule."

Egdon Resources' shares were up 6.12% at 7.80p at 1044 GMT.