Egdon Spuds UK Onshore Well, Keddington-5

UK-focused junior explorer Union Jack Oil reported Monday that drilling operations have started on its Keddington-5 sidetrack development well, which is located on the PEDL005(R) onshore license in the East Midlands, England.

The PEDL005(R) license incorporates the producing Keddington oilfield, which was discovered in 1998 by Candecca, as well as the two exploration prospects: Louth and North Somercoates. Union Jack acquired its 10-percent interest in the license last September, while operator Egdon Resources UK Limited retains a 45-percent holding.

Union Jack said that, under its acquisition agreement with Egdon, it will pay 20 percent of the costs of the Keddington-5 sidetrack well and 20 percent of the costs of the Louth exploration well – currently planned to spud sometime during 2016 and 2017.

The firm objective of the Keddington-5 well is to access undrained oil in place by drilling from the existing Keddington-4 well, which was also a sidetrack of the original Keddington-1Z well bore. Union Jack and its partners believe there remains an undrained volume amounting to some 309,000-to-566,000 barrels of oil beneath the Keddington-4 well.

Commenting in a company statement, Union Jack Executive Chairman David Bramhill said:

"Union Jack, with over GBP 3 million ($4.3 million) of cash and debt free, will continue to participate in attractive projects such as Keddington that offer realistic chances of success and the opportunity to add to its asset base at moderate cost."



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  OMV Petrom, Hunt Oil Start Experimenta... (Dec 9)
 -  Waitsia JV Approves 2017 Development A... (Dec 9)
 -  SapuraKencana: Short-Term Industry Out... (Dec 8)
 -  Oil Flows From Otakikpo Marginal Field... (Dec 8)
 -  Plexus: More Cuts Expected (Dec 8)


Most Popular Articles

From the Career Center
Jobs that may interest you
Omron/Amphion Driller
Expertise: Derrickman|Driller|Motorman
Location: Houston, TX
 
Omron/Amphion Motorhand
Expertise: Floorhand / Roughneck|Motorman
Location: Houston, TX
 
United States Odessa: Field Engineer - Cased Hole
Expertise: Casing
Location: Odessa, TX
 
search for more jobs

Brent Crude Oil : $54.33/BBL 0.81%
Light Crude Oil : $51.5/BBL 1.29%
Natural Gas : $3.75/MMBtu 1.35%
Updated in last 24 hours