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LONDON (Alliance News) - Egdon Resources PLC, Europa Oil & Gas PLC and Union Jack Oil PLC Monday said they have started drilling operations at the Wressle-1 conventional oil exploration well at the PEDL 180 licence in northern Lincolnshire.
The companies said drilling started at the Wressle-1 well on Saturday and the entire operations are expected to take 38 days.
The well will be drilled to a total depth of roughly 2,300 metres in order to intersect a number of prospective reservoirs in the Wressle structure.
The Wressle prospect is located on trend with the producing Crosby Warren oil field and the Broughton-B1 oil discovery, both to the immediate northwest, and the Brigg-1 oil discovery to the immediate southeast. The gross mean prospective resources at Wressle, as calculated by Egdon, are estimated to be 2.1 million barrels of oil.
"We are pleased to be commencing a more active operational period with the start of drilling operations on the Wressle prospect, and we look forward to updating shareholders with the results from this well towards the end of August. Success in our conventional exploration drilling programme could lead to near-term additions to our production and revenue stream and is a key part of our strategy," Egdon Managing director Mark Abbott said in a statement.
The PEDL 180 licence covers an area of 100 square kilometres and is held by Europa with a 33.33% stake, Egdon with a 25% operating stake, Celtique Energie Petroleum Ltd with a 33.33% stake, and Union Jack with an 8.33% stake.
Union Jack shares were down 5.8% to 0.344 pence, Europa Oil & Gas shares were down 1.3% to 7.53 pence and Egdon Resources shares were down 1.0% to 25.25 pence on Monday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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