LONDON (Alliance News) - Egdon Resources PLC Thursday said it will commence drilling at Burton on the Wolds-1 in mid-October.
The Wolds-1 conventional exploration well is in UK Onshore Licence PEDL201, located in Leicestershire.
There are five companies with interests in the PEDL201 license. Egdon and Celtique Energie Petroleum Ltd have a 32.5% interest each. Terrain Energy Ltd and Corfe Energy Ltd have a 12.5% interest each, and Union Jack Oil PLC has a 10% interest.
The drilling rig and associated equipment has been demobilised from the Wressle-1 well-site, Lincolnshire, following the completion of that well for future testing operations. The rig will now drill a single well for Alkane Energy PLC, which was deferred to enable the Wressle-1 well to be drilled, before then mobilising to Burton on the Wolds, said Egdon.
Well-site construction at Burton on the Wolds has been completed and it is anticipated that operations will commence by mid-October, it added.
"The Burton on the Wolds prospect is a conventional oil prospect and our operations will not, either now or in the future, involve the process of hydraulic 'fracking' for shale gas since the area...has neither the required conditions nor the specific rock-types present for shale gas exploration," added Egdon.
Egdon's shares were trading up 1.4% at 22.06 pence Thursday morning, whilst Union Jack Oil's shares were down 4.2% to 0.3430p.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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Union Jack (UJO)
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