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LONDON (Alliance News) - United Oil & Gas PLC and Baron Oil PLC on Wednesday reported the spudding of the Colter well, located in the Wytch Farm offshore UK.
Both companies have been informed of the spudding by the licence operator Corallian Exploration Ltd. United Oil owns a 10% interest in the well, while Baron has an 8% stake.
The well's drilling is expected to take approximately three weeks to reach a planned total depth of 1,830 metres.
"With gross, unrisked, recoverable mean prospective resources of 23 million barrels of oil equivalent, estimated to be present in the Colter structure by Corallian, success with this well will have a material impact on the value of the company," Baron Oil Chief Executive Officer Malcolm Butler said.
Baron Oil shares were trading up 8.3% at 0.32 pence while United Oil shares were up 1.1% at 4.80p.
