LONDON (Alliance News) - Europa Oil & Gas (Holdings) PLC on Monday said it has started drilling operations at the Kiln Lane-1 well in Lincolnshire.
Europa said the well will be drilled as a straight hole to a total depth of approximately 2,500 metres and said it expects the drilling operations will take 36 days.
Europa has a 50% stake in the well and is the operator. Egdon Resources PLC and Celtique Energie Petroleum Ltd each have 25% stakes.
"We are delighted to commence operations on the Kiln Lane conventional oil prospect and we look forward to updating shareholders with the results from this well towards the end of March," said Europa Chief Executive Officer Hugh Mackay.
Europa shares were up 8.2% to 6.9 pence on Monday morning, while Egdon shares were up 2.6% to 10.00 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Europa Oil & Gas (EOG)