Egdon, Union Jack Confirm Start of Drilling at Laughton-1 Well

Egdon Resources and Union Jack Oil announced Monday that drilling operations have started on the conventional onshore Laughton-1 well in the East Midlands region of England.

The well, located within the PEDL209 UK onshore license along the eastern side of the Gainsborough Trough hydrocarbon province, is targeting a structural trap at a depth of more than 4,920 feet below ground level that has been defined on reprocessed 2D seismic data. The prospect has multiple conventional Carboniferous sandstone reservoir targets, with the primary objective being the Silkstone Rock: an approximately 50-foot thick sandstone interval that is productive in the analogous Corringham Oilfield situated three miles to the southeast.

Two other potential reservoirs, the Kilburn Sandstone and the Wingfield Flags, will also be targeted by the well. The consolidated mean Prospective Resource volume for the three targets, as calculated by Egdon is estimated to be 1.3 million barrels of oil.

Egdon Managing Director Mark Abbott commented in a company statement:

"We are pleased to report the start of drilling at Laughton-1 and we look forward to updating shareholders with the preliminary results from the well in around one month's time. Onshore oil and gas projects remain commercially attractive even during a period of reduced commodity prices. Egdon's conventional exploration drilling program remains a key part of our strategy, with successful exploration capable of delivering near-term additions to our production and revenue stream."

Union Jack Executive Chairman David Bramhill added in a separate statement:

"We are pleased to be part of the team participating in the Laughton-1 well which has potential for discoveries in several stacked reservoirs, similar to the Wressle-1 discovery in which Union Jack holds an 8.33-percent interest.

"Even in this period of low oil and gas prices our strategy of focusing within the UK onshore sector remains sound and our current portfolio of interests continue to be commercially appealing."

Egdon, the operator, holds a 50-percent interest in PEDL209, while Union Jack has a 10-percent stake.

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