Egdon Resources plc has provided further details of the licenses offered to it in the UK 13th Landward licensing round.
As previously reported the Department for Business Enterprise and Regulatory Reform has offered Egdon a total of six operated Petroleum Exploration and Development Licenses (PEDL's). These licenses are located within two of the Company's focus areas, the East Midlands Petroleum Province and the Wessex Basin of Dorset. All license awards are subject to the usual regulatory approvals.
Egdon and its joint venture partners have been offered PEDL237 within the Wessex Basin in Dorset, Southern England. Egdon will hold a 45% interest in the license with partners First Oil Expro Ltd (26.25%), Sterling Resources (UK) Ltd. (18.75%) and Dorset Exploration Limited (10%). The license is contiguous to existing licenses PEDL048 and PL090. The area contains a number of high potential oil prospects identified on proprietary reprocessed 2-Dimensional seismic data. The main plays within the block are the Sherwood Sandstone and Bridport Sandstone which are productive at the Wytch Farm oil field located some 20 kilometers to the east. Egdon have mapped best estimate gross prospective resource potential of 70 million barrels of oil (mmbo) within the license. The work program will comprise of pre-stack depth migration of existing 2D seismic data prior to making a drill or drop decision on the license.
Five licenses have been offered in the East Midlands Petroleum Province of Nottinghamshire, Lincolnshire and Leicestershire, an area where Egdon will now hold 15 licenses.
"The award of these six new operated licenses significantly strengthen and broaden Egdon's onshore UK asset and opportunity position," said Mark Abbott, Managing Director of Egdon. "The new licenses add net Egdon best-estimate prospective resources of over 50 million barrels of oil. Within these new blocks we have a broad mix of opportunities, from an early oil production project at Kirklington in PEDL203, through identified prospects up-dip of known oil such as at Broughton in PEDL182 and Brigg and Glanford in PEDL241, to high potential plays such as those seen in the Sherwood Sandstone of the Wessex Basin in PEDL237 and new play concepts as seen in PEDL201.
"These awards represent a further step forward in our strategy to develop a material exploration and production business focussing onshore in the UK and mainland Europe"
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