Egdon Resources plc (AIM:EDR) is pleased to announce the completion of a 3-D seismic survey across the Broughton and Wressle Prospects, which are located to the East and South-East of the town of Scunthorpe in North Lincolnshire.
The survey, which covers parts of Petroleum Exploration and Development Licences (“PEDLs”) 180, 181, 182 and 241, was undertaken by Tesla Exploration International (“Tesla”). A total of 1,424 vibroseis and dynamite source points were acquired with the resultant survey covering an area of approximately 49 square kilometres.
Once processed, the survey will provide detailed structural data over the Broughton and Wressle trend to confirm the prospects previously mapped on multi-vintage 2-D seismic data and enable bottom-hole target locations to be defined for one or both of the prospects. It is planned to drill one or both of these prospects later in 2012 subject to technical confirmation and planning consent.
The two prospects are located along an oil productive trend with the Crosby Warren producing oil field at one end and the Brigg oil discovery at the other. The Broughton-B1 well drilled by BP in 1984 flowed on test at up to 40 barrels of oil per day before being abandoned. Egdon has identified an area up-dip from the well and estimates gross Best Estimate Prospective Resource potential of 2.95 million barrels of oil (“mmbo”). The Wressle Prospect has estimated gross Best Estimate Prospective Resource potential of 3.9 mmbo in the primary Chatsworth Grit reservoir target.
The joint venture partners in PEDLs 180 and 182, which contain the Broughton and Wressle prospects are:
|Egdon Resources U.K. Limited||33.33%|
|Europa Oil and Gas Limited||33.34%|
|Celtique Energie Petroleum Limited||33.33%|
Commenting on the survey Mark Abbott, Managing Director of Egdon said:
“I would like to thank all the personnel of Tesla for their professionalism and commitment in acquiring good quality data in highly challenging operating and weather conditions. We now look forward to receipt of the final data in the next few months so that we can finalise our plans for drilling on this highly prospective oil trend.”