Egdon Resources PLC has farmed out 8.33% of its onshore UK license PEDL182 to Union Jack Oil PLC. The license is in Lincolnshire to the immediate north of PEDL180, where Union Jack farmed into the Wressle-1 exploration well (8.33%).
Under the terms of the farmout, Union Jack will earn 8.33% interest in the remainder of PEDL182 beyond the Wressle discovery in return for covering 12.495% of the cost of a future exploration well to evaluate the Broughton North prospect.
Partners for PEDL180 and PEDL182 include operator Egdon Resources UK Ltd. with 25% interest, Celtique Energie Petroleum Ltd. 33.33%, Europa Oil & Gas Ltd. 33.34%, and Union Jack 8.33%.
Egdon participated in drilling the Keddington-5 sidetrack and the Laughton-1 exploration wells this year, and the operator has plans for two more—Biscathrope and North Kelsey—in PEDL253 and PEDL241, respectively (OGJ Online, Feb. 12, 2016).
Due to the conventional nature of the targeted reservoirs, hydraulic fracturing has not been deployed in the company’s completion strategy. Lincolnshire has been associated with UK’s shale potential in the Carboniferous Pendleian, which is 2,000 m deep and has been identified as prospective in the nearby Bowland basin in northwest England (OGJ Online, Jan. 16, 2013).
Contact Tayvis Dunnahoe at email@example.com.