The discovery provides a major stimulus to the UK onshore oil and gas business.
The Avington-2 well has proven oil in a structure with mapped volumes in excess of 100 million barrels and will be operated by Pentex Oil UK Limited. The company holds 50% of the block, the remainder being held by Egdon Resources, Sterling Resources, YCI and Northern Petroleum."
Egdon holds a 20% interest in the PL070 license, having recently increased its equity from 16.667%. Egdon also holds interests in adjacent licenses PEDL069 (33.34%) and PEDL110 (33.33%).
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