Union Jack Oil has commenced the drilling operations for its onshore Keddington-5 development well.
Union Jack has a 10% interest in the well. Egdon Resources owns 45%, Terrain Energy owns 35% and Nautical Petroleum owns the remaining 10%.
The Keddington oilfield was discovered in 1998 by Candecca and brought onstream the same year. Egdon acquired the then shut-in field from Roc Oil GB Limited in March 2007 and production was restarted in June 2007. Egdon has previously drilled two horizontal sidetrack wells which produce oil from two Carboniferous age sandstones at a depth of approximately 2,200 metres.
Estimates peg resource total below the previously drilled Keddington-4 well to be between 309,000 and 566,000 barrels of oil.
Union Jack chief executive David Bramhill said: “Union Jack, with over £3million of cash and debt free, will continue to participate in attractive projects such as Keddington that offer realistic chances of success and the opportunity to add to its asset base at moderate cost.”
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