Junior explorer Egdon Resources reported Thursday that it expects operations on its onshore Burton on the Wolds-1 exploration well in Leicestershire, UK, to begin by mid-October.
Egdon said the rig being used for the drill has been demobilized from the Wressle-1 well site following the completion of that well for future testing operations. It will be used to drill a well for another exploration company before being mobilized to Burton on the Wolds.
The company added that well-site construction at Burton on the Wolds has been completed and it is anticipated that operations will begin by mid-October. The well will be drilled to a depth of approximately 3,300 feet, intersecting two targets.
The Burton on the Wolds prospect is based on proprietary 2D seismic data that was acquired by Egdon in 2011. Evaluation of this data has highlighted a conventional oil prospect, with targets at two distinct Carboniferous stratigraphic levels. The shallower target, the Rempstone Sandstone, is productive at the nearby Rempstone oil field. A seismic anomaly, possibly indicative of a carbonate reef, underlies the Rempstone Sandstone and provides a deeper secondary target.
Egdon estimates that the mean combined prospective resources for the two target objectives to be 3.8 million barrels of oil.
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