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LONDON (Alliance News) - Egdon Resources PLC on Thursday said it has completed drilling operations at the Burton on the Wolds-1 well in Leicestershire with weak hydrocarbon shows found.
The well was spudded on October 18 and reached a total depth of 1,086 metres on October 28, Egdon said.
The well had weak hydrocarbon shows, Egdon said, though it said interpretation of the log data indicates the thin sands are water bearing.
Egdon said the well is being plugged before the drilling rig is released from its contract.
Egdon owns a 32.5% working interest in the well as the operator. Union Jack Oil PLC, which noted Egdon's announcement, owns a 10% stake. Celtique Energie Petroleum Ltd owns a 32.5% stake, while Terrain Energy Ltd owns a 12.5% stake and Corfe Energy Ltd owns a 12.5% stake.
Shares in both Egdon and Union Jack plunged on the news, with Egdon down 18% to 15.00 pence and Union Jack down 23% to 0.25p, putting both among the worst performers in the AIM All-Share.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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