LONDON (Alliance News) - Egdon Resources PLC said Monday its Keddington-5 Development well in Lincolnshire was spudded in January and subsequently drilled, and has now been suspended for future production testing.
Egdon said the well reached a total depth of 2,433 metres at the beginning of February, and during the course of drilling, elevated gas readings indicative of the presence of hydrocarbons were recorded from a gross interval of 141 metres.
The well has been suspended with a completion spring that will enable production flow testing of the reservoir with a traditional beam pump in due course, Egdon said.
"We are pleased to report the conclusion of the KD5 drilling operation which was drilled and completed within budget. Following release of the drilling rig and reinstatement of surface facilities, the well will be tested to establish the potential production," Egdon Managing Director Mark Abbott said in a statement.
Union Jack Oil PLC, which holds a 10% stake in the Keddington Field, said it was "delighted" with initial results from the drilling.
Shares in Egdon were down 1.5% at 8.00 pence Monday morning, whilst shares in Union Jack were down 4.4% at 0.110 pence.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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