Project Profile
Value: Undisclosed
Location: Lincolnshire, onshore UK
Reserves: 1 million barrels of oil
Start-up Year: -
Egdon Resources has reached a deal which will see it farm-in for a 60% stake in petroleum exploration and development licence 209 in Lincolnshire, onshore the UK. The deal with Blackland Park Exploration will see Edgon pay 100% of the estimated US$2 million cost of drilling the planned Laughton-1 exploration well in exchange for the 60% interest and operatorship of the licence. The Laughton prospect is a structural trap containing multiple conventional Carboniferous sandstone reservoir targets. The primary objective in the well will be a 15 metre thick sandstone interval known as the Silkstone Rock which is productive at the nearby Corringham oilfield. Egdon is expected to spud the well in the fourth quarter of 2013 and has currently estimated the prospect to hold mean prospective resources of roughly 1 million barrels of oil in the Silkstone Rock. Egdon noted that neither for the shale intervals would be targeted with the upcoming Laughton-1 well.
Operators:
Egdon Resources U.K. Limited: Operator with 72% interest
Blackland Park Exploration Limited: 28% interest