Project Profile
Location: South Humber Basin, on trend with the Saltfleetby field, onshore UK
Reserves: 17.81 million barrels of oil
Drilling Depth: 2,000 metres
PEDL253 is located onshore UK within the proven hydrocarbon fairway of the South Humber Basin, on trend with the Saltfleetby gas field and Keddington oilfield which produces oil from the Upper Carboniferous Westphalian aged reservoir sandstones. The Biscathorpe Prospect, a well defined four-way dip closed structure mapped from reprocessed 3D seismic is contained within the licence area of PEDL 253. The subsurface target location to evaluate the exploration potential of the Biscathorpe Prospect has been defined and a surface drilling location has been identified from which a vertical well can be drilled to test the primary reservoir objective. Drilling operations are planned to commence in late Q4 2013 or Q1 2014 subject to receipt of planning and other consents.
The mean Prospective Resource volume for the main reservoir objective, as calculated by Egdon is estimated to be 17.81 million barrels of oil. Further exploration upside is recognised from the 3D seismic and well data which suggests the presence of a pinchout providing a stratigraphic component to the trap. The Biscathorpe structure was originally drilled by BP in 1987 by the Biscathorpe-1 well which encountered a thin, oil-filled sandstone in a crestal position. Biscathorpe-2 will be located in a direction towards thicker sand development within structural closure of the trap. Under the terms of the agreement, Union Jack will pay 12% and 8% of the cost of the planned Biscathorpe -2 well to earn a 6% and 4% interest from Egdon and Montrose respectively. On completion of 2015 new agreement the interests in PEDL253 will be: Egdon Resources (Operator) 52.8%; Montrose 35.2%; Union Jack 12.0%.
Operators:
Egdon Resources U.K.: Operator with 52.8% interest
Montrose Industries: 35.2% interest
Union Jack Oil: 12% interest