The Directors of Egdon Resources plc (AIM:EDR) are pleased to report that drilling operations have commenced at the Dukes Wood-1 well in Nottinghamshire licence PEDL118.
The Dukes Wood-1 well was drilled and cased to a depth of 47 metres in November 2008 before being suspended. Drilling operations recommenced at 11:30 hours on 11 January 2010 using the British Drilling and Freezing Limited rig 28 (“BDF28”). The well will now be drilled directionally to a planned measured depth of around 800 metres. Dukes Wood-1 will test the crest of the Dukes Wood anticline in an area where Egdon has identified potential for un-drained and re-migrated oil. An abandoned well in this part of the structure was re-entered in 1992 and produced 180 barrels of oil during a short test from the upper interval of the Ashover Grit indicating the presence of recoverable oil. Operations are expected to take around two weeks. The primary target for the well will be the Ashover Grit reservoir interval with secondary reservoir objectives in the Sub-Alton Crawshaw, Loxley Edge Rock and Wingfield Flags all oil bearing on the structure. This is the first well in the evaluation of the rejuvenation potential of the Eakring-Dukes Wood oil field where Egdon has identified low risk opportunities to add production, revenues and reserves.
Egdon holds a 75% interest in and is operator of the PEDL118 licence. Joint venture partner Terrain Energy Limited holds a 25% interest in the licence.
Following completion of operations at Dukes Wood-1 the BDF28 rig will mobilise to the Kirklington oil field to drill a sidetrack of the Kirklington-2 production well.
Further announcements will be made as operations progress.