Egdon Resources has completed its drilling operations at the Laughton-1 conventional exploration well in Lincolnshire with little hydrocarbons to show for it.
The Laughton-1 well, (licence PEDL209), was spudded on February 12 and has reached a total depth of 1,700m in line with the pre-drill prognosis.
The well recorded hydrocarbon shows from a number of potential reservoir sequences including the Kilburn Sandstone, Chatsworth Grit, Ashover Grit and Kinderscout Grit.
“Analysis of the wireline log data indicates the hydrocarbon saturations associated with the shows are not sufficiently encouraging to warrant testing,” it said in a statement.
Egdon said the well is currently being plugged and the wellsite will be fully restored to its original condition as agricultural land.
Managing director Mark Abbott, said: “The drilling of the Laughton-1 conventional exploration well fulfils Egdon’s farm-in obligation and so earns our 50% operated interest in PEDL209. The well was drilled within budget and without incident. This completes the work commitment for the licence’s first term and allows it to proceed into its second term during which the remaining conventional and unconventional hydrocarbon potential will be further evaluated.”
Union Jack oil, which has a 10% interest in the well, compared to Egdon’s 50%, said that following the cost of Union Jack’s contribution to the Laughton-1 well, the company’s cash balance is in excess of £2.5 million.
Recommended for you
