Pentex Oil Makes Significant Discovery Onshore UK

Pentex Oil UK has sucessfully tested the Avington-2 exploration well located in Hampshire, United Kingdom. The well has proven hydrocarbons through a production drill string test, which reported at the weekend. The well was designed as a pilot hole for a subsequent horizontal well, now being drilled, to penetrate more of the reservoir and increase flow rates and drainage area.

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%).