The Board of Egdon Resources plc (AIM:EDR) notes the release made yesterday 22 November by Northern Petroleum (GB) Limited (“Northern”) advising that the Markwells Wood -1 well, where Egdon’s wholly owned subsidiary Egdon Resources U.K. Limited holds a 10% interest, was spudded at 15:00hrs on 21 November 2010.
The Markwells Wood-1 well is located in Sussex licence PEDL126, and lies between the Horndean and Singleton producing oil fields and is assessed to be an extension of the former. The final measured depth of the directionally drilled well will be 1831m at a true vertical depth of 1380m. Further announcements will be made once drilling is completed, or as appropriate.
The Licence Partners in the Markwells Wood-1 well are:
|Northern Petroleum (GB) Limited (operator)||50%|
|Magellan Petroleum (UK) Limited||40%|
|Egdon Resources U.K. Limited||10%|