Oil and gas exploration and production firm Egdon Resources has started drilling operations at the Burton on the Wolds-1 conventional exploration well in UK Onshore Licence PEDL201 in Leicestershire.
The company expects to take about 26 days to drill to the relatively shallow target depth of around 1,000m.
It is a conventional oil prospect, consisting of two targets, with 3.8 million barrels of estimated oil resources.
Egdon Resources managing director Mark Abbott said: "We are pleased to report commencement of the drilling of the second of our East Midlands conventional exploration wells, following on from the positive results at Wressle-1, where logged hydrocarbons are due to be tested.
"Our conventional exploration drilling programme is a key part of our growth strategy, with successful exploration capable of delivering near-term additions to our reserves, production and revenue streams."
Egdon is the operator and has a 32.5% interest along with Celtique Energie Petroleum which also has a 32.5% interest.
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By GlobalDataTerrain Energy and Corfe Energy each have 12.5% stake while Union Jack Oil has 10% interest.
Egdon’s net share of the cost of the Burton on the Wolds-1 well will be 15% as a result of previously announced farm-outs.
The company said operations at the site will not involve the process of hydraulic fracking for shale gas.
PEDL201, which was awarded to Egdon and Celtique in 2008, is located on the southern margin of the Widmerpool Gulf geological basin.
Image: Egdon expects to take about 26 days to drill the Burton on the Wolds-1 conventional exploration well. Photo: Courtesy of meepoohfoto/FreeDigitalPhotos.net.
