Published: February 16, 2016 |

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Egdon Resources has started drilling a first exploration well at Laughton in Lincolnshire.

There will be no fracking, Egdon said, with the primary target is a conventional structural trap more than 1,500 meters deep identified by 2D seismic data.

As well as this prospect, two other potential reservoirs, the Kilburn Sandstone and the Wingfield Flags, will also be targeted.

Prospective resources for the three targets are estimated by Egdon to be 1.3 mln barrels of oil.

Union Jack Oil can earn a 10 percent interest in Laughton-1 exploration and two other conventional prospects on the PEDL209 license in return for paying 16.67 percent of the cost of the well.

After that Egdon will own 50 percent, Blackland Park 28 percent, Stelinmatvic 12 percent and Union Jack Oil 10 percent.

Mark Abbott, Egdon’s managing director, said, “onshore oil and gas projects remain commercially attractive even during a period of reduced commodity prices and its conventional exploration drilling program was a key part of its strategy.”

Source: (February 15, 2016) Proactive Investors

About Egdon Resources
Egdon Resources plc is an independent onshore focused oil and gas exploration and production business.

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