LONDON (Alliance News) - Egdon Resources PLC and Union Jack Oil PLC on Monday said the Biscathorpe-2 exploration well on licence PEDL253 in Lincolnshire, England, was spudded.
Union Jack has a 22% licence interest, while Egdon Resources UK Ltd is an operator and holds 35.8%.
Egdon Resources said the well will be drilled to a total depth of about 2,100 metres below ground level and is expected to take around 30 days to complete.
Biscathorpe-2 will target a structural/stratigraphic trap at a depth of over 1,800 metres below mean sea level, defined on re-processed three-dimensional seismic data.
"Biscathorpe is one of the UK's largest onshore unappraised conventional oil prospects with mean prospective resources of 14 million barrels gross and a geological chance of success of 40%," said Union Jack Executive Chairman David Bramhill.
"Biscathorpe is one of Union Jack's near-term, high-impact projects and success here will be transformational for our company," added Bramhill.
"In addition to the defined structural closure, stratigraphic trapping - if present - could lead to significant upside for oil resources," said Egdon Resources Managing Director Mark Abbott.
Egdon Resources shares were trading down 1.2% on Monday at 8.06 pence each, while Union Jack shares were 3.1% higher at 0.13p a share.