The Board of Egdon Resources plc (AIM:EDR) notes the release made today by Northern Petroleum (GB) Limited (“Northern”), the operator of the planned Markwells Wood-1 well in Sussex licence PEDL126, where Egdon’s wholly owned subsidiary Egdon Resources U.K. Limited holds a 10% interest.
Northern has advised that the drilling equipment is currently moving onto the Markwells Wood-1 well site in preparation for commencement of drilling operations. The Markwells Wood-1 well is located 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. The operator has stated that Markwells Wood–1 well will test a target with independently assessed mean potential of 35.0 million barrels of oil in place, with upside potential (with a ten percent probability) of 61.4 million barrels of oil in place.
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%|