Displaying items by tag: borehole

Egdon Resources plc has received planning approval from North Lincolnshire Council to drill an exploratory borehole on Licence PEDL 180 targeting the Wressle prospect in onshore UK in the second half of 2013.

Egdon Resources has a 25% stake in the block and is the operator. The other partners are: Europa Oil & Gas, which has a 33.34% working interest in the block, alongside Celtique Energie Petroleum Ltd (33.33%); and Union Jack Oil plc (8.33%).

PEDL180 covers an area of 100 km2 on the western margin of the Humber Basin in the East Midlands Petroleum Province. The Wressle-1 well will target the highly petroliferous Brigg Broughton anticline trending WNW through PEDLs 180, 182 and 241.

Several oil discoveries have been made along this trend at Brigg, Broughton and Glanford and it also includes the Crosby Warren oil field operated by Europa. The operator estimates Wressle holds mean gross unrisked prospective resources of 2.1 million barrels of oil.

Drilling operations at Wressle are expected to commence in the second half of 2013. The well is targeting multiple prospective sandstone reservoirs in a structurally favourable position near the crest of the Wressle structure within the Upper Carboniferous and will be drilled as a deviated well to a total depth of about 2,300 metres with a maximum offset of approximately 1,250 metres.

"Wressle-1 is the first of up to five wells to be drilled across our asset base over the next eighteen months, each of which has the potential to transform our existing production profile and reserves," said Europa's CEO Hugh Mackay.

With mean gross un-risked prospective resources of 2. 1 mmbo, Wressle is small compared to our Mullen and Kiernan prospects in the South Porcupine Basin, offshore Ireland, and Berenx, the deep gas appraisal project in onshore France.

However, said Mackay, drilling success at Wressle "would generate considerable near term cash flow that we would reinvest into proving up and monetising other highly prospective exploration and appraisal projects in our portfolio."