Project Profile

Location: East Midlands, area of Lincolnshire, Gainsborough Trough sedimentary basin, UK
Reserves (estimated mean gas in place): 7.5 tcf net (4.88 tcf accessible)
Area: 241 sq km in total (PEDL139 - 100 sq km and PEDL 140 - 141 sq km)

PEDL 139 and PEDL 140 cover 241 sq km in total, were awarded in the 12th landward licensing round in 2004 and are located in East Midlands in the Gainsborough Trough sedimentary basin in UK. PEDL139 covers 100 sq km and PEDL 140 takes in 141 sq km in an area of Lincolnshire underlain by the Gainsborough trough, a basin that contains a 125-m thick sequence of the Carboniferous age Pendleian shale more than 2,000m deep. The Pendleian shale is the approximate age equivalent of parts of the Bowland shale, the main shale gas reservoir target under evaluation in the Bowland basin in northwest England.

RPS Energy evaluated PEDL 139 and 140 and assessed potential gas volumes and the geological chance of success based on analogous US plays. RPS estimated mean gas in place of 7.5 tcf net, of which 4.88 tcf is accessible following a review of surface and subsurface access constraints. The mean prospective resource net is estimated at 760 bcf based on recovery rates in analogous US plays. RPS estimated the geological chance of success to be 24%.

Egdon will participate in a deep exploratory well during 2014 subject to obtaining all necessary consents and approvals. The company\'s costs are carried through this work program. Operator of PEDL 139 and 140 is eCORP Oil & Gas UK Ltd. with 70% interest, a subsidiary of eCORP International LLC. Dart Energy Ltd., Brisbane, has a 16.5% interest in the two licenses, while Egdon Resources PLC holds a 13.5% share. Revised planning granted in April 2012 to allow for re-abandonment of existing wells which are leaking small amounts of gas prior to appraisal of the reservoir

Operators:

Total: Operator with 40% interest

eCORP Oil & Gas UK Ltd. (subsidiary of eCORP International LLC): 13.5% interest

Egdon Resources PLC: 16.5% interest

Dart Energy Ltd.: 17.5% interest

Egdon Resources U.K. Limited : 14.5% interest

Island Gas Limited : 14.5%

Contractor:

RPS Energy: Reserves estimation and geological surveys