Union Jack, Egdon Resources Expect To Complete Biscathorpe In February

LONDON (Alliance News) - Union Jack Oil PLC and Egdon Resources PLC on Thursday updated the ...

Alliance News 6 December, 2018 | 3:32PM
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LONDON (Alliance News) - Union Jack Oil PLC and Egdon Resources PLC on Thursday updated the drilling timetable and expectations of the Biscathorpe-2 appraisal well, located in Lincolnshire, UK.

The Biscathorpe-2 well is a part of PEDL253 licence, where Egdon is an operator and holds 35.8% stake. Union Jack holds 22% interest in the licence with Humber Oil & Gas Ltd and Montrose Industries Ltd holding 20% and 22.2% stakes, respectively.

The oil and gas company Egdon said it expects to complete site construction at Biscathorpe-2 well in early December. After that, in early January, a conductor rig will be mobilised to set surface casing. The well is expected to be completed in mid-February.

The geological chance of success at Biscathorpe-2 well is 40%, Egdon noted.

The UK-focused onshore hydrocarbon production company Union Jack said Biscathorpe well is located just to the west of the Fiskerton Airfield producing oil field, where the company holds 20% stake.

"We look forward to spudding the exciting and potentially significant Biscathorpe-2 well early in the new year into one of the largest remaining undrilled onshore UK oil prospects where stratigraphic trapping - if present - could lead to significant upside for oil resources," said Ehdon Managing Director Mark Abbott.

"Biscathorpe is one of Union Jack's near-term, high-impact projects and success here will be transformational for our company," said Union Jack Executive Chairman David Bramhill.

By Evelina Grecenko; evelinagrecenko@alliancenews.com

Copyright 2018 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar
Rating
Union Jack Oil PLC 0.11 GBX -3.79 -
Egdon Resources PLC 6.86 GBX -4.06 -
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