LONDON (Alliance News) - Union Jack Oil PLC and Egdon Resources PLC on Thursday updated the drilling timetable and expectations of the Biscathorpe-2 appraisal well, located in Lincolnshire, UK.
The Biscathorpe-2 well is a part of PEDL253 licence, where Egdon is an operator and holds 35.8% stake. Union Jack holds 22% interest in the licence with Humber Oil & Gas Ltd and Montrose Industries Ltd holding 20% and 22.2% stakes, respectively.
The oil and gas company Egdon said it expects to complete site construction at Biscathorpe-2 well in early December. After that, in early January, a conductor rig will be mobilised to set surface casing. The well is expected to be completed in mid-February.
The geological chance of success at Biscathorpe-2 well is 40%, Egdon noted.
The UK-focused onshore hydrocarbon production company Union Jack said Biscathorpe well is located just to the west of the Fiskerton Airfield producing oil field, where the company holds 20% stake.
"We look forward to spudding the exciting and potentially significant Biscathorpe-2 well early in the new year into one of the largest remaining undrilled onshore UK oil prospects where stratigraphic trapping - if present - could lead to significant upside for oil resources," said Ehdon Managing Director Mark Abbott.
"Biscathorpe is one of Union Jack's near-term, high-impact projects and success here will be transformational for our company," said Union Jack Executive Chairman David Bramhill.