The Directors of Egdon Resources have provided an update on the planned drilling operations at Dukes Wood-1 in Nottinghamshire license PEDL118. The Company has entered into a contract with British Drilling and Freezing Limited (“BDF”) to use the BDF28 drilling rig to complete the drilling of the main section of Dukes Wood-1. The BDF28 drilling rig will mobilize to Dukes Wood-1 on completion of operations for another company, which is currently anticipated to be in early December.
The Dukes Wood-1 well was drilled and cased to a depth of 47m in November 2008 and will now be re-entered and drilled directionally to a planned measured depth of around 800 meters. The well will test the crest of the Dukes Wood anticline in an area where Egdon have identified potential for un-drained and re-migrated oil. A previous well in this part of the structure was re-entered in 1992 and produced 180 barrels of oil during a short test from the upper interval of the Ashover Grit indicating the presence of recoverable oil. Operations are expected to take around twelve days. The primary target for the well will be the Ashover Grit reservoir interval with secondary reservoir objectives in the Sub-Alton Crawshaw, Loxley Edge Rock and Wingfield Flags all oil bearing on the structure. This is the first well in the evaluation of the rejuvenation potential of the Eakring-Dukes Wood oil field where Egdon have identified low risk opportunities to add production, revenues and reserves.
Egdon is the operator of the PEDL118 license. Egdon has contracted, subject to regulatory and other approvals, to sell a 25% interest to Terrain Energy Limited, and on completion, which is expected shortly, Egdon will hold a 75% interest and Terrain a 25% interest in the license.
Further announcements will be made on commencement of drilling operations and then following results of the well, expected to be known later in December 2009.
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