Drilling Commenced at Markwells Wood

Northern announced that the Markwells Wood -1 well was spudded at 15:00hrs on November 21, 2010. The location is between the Horndean and Singleton producing oil fields onshore UK and is assessed to be an extension of the former. The final measured depth will be 6009 ft (1831m) at a true vertical depth of 4528 ft (1380m).

The well will test a target with a mean potential independently assessed at 35.0 million barrels of oil in place, with an upside potential of 61.4 million barrels with a ten percent probability. A further announcement will be made once drilling is completed, or as appropriate.

The License Partners in the Markwells Wood well are:

  • Northern Petroleum (GB) Limited 50%
  • Magellan Petroleum (UK) Limited 40%
  • Egdon Resources U.K. Limited 10%