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LONDON (Alliance News) - Shares in Egdon Resources PLC were trading higher early Tuesday after the company said it has started drilling work at the Burton on the Wolds exploration licence in Leicestershire.
The company said the Burton on the Wolds-1 well spudded on October 18 and it expects drilling work at the site to take around 26 days. Egdon holds a 32.5% stake in the licence.
"We are pleased to report commencement of the drilling of the second of our East Midlands conventional exploration wells, following on from the positive results at Wressle-1, where logged hydrocarbons are due to be tested. We look forward to updating shareholders with the results from Burton on the Wolds-1 in around four weeks' time," said Egdon Managing Director Mark Abbott.
Egdon shares were up 8.8% to 15.5 pence on the back of the news, putting it among the best performers on the AIM All-Share. Shares in Union Jack Oil PLC, which holds a 10% stake in the licence, were also up on the news, rising 2.9% to 0.324 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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