StockMarketWire.com - Egdon and Union Jack Oil have announced the completion of drilling operations at the Laughton-1 conventional exploration well in Lincolnshire.

The Laughton-1 well was spudded on 12 February and has reached a total depth of 1,700m in line with the pre-drill prognosis. During drilling, the well recorded hydrocarbon shows from a number of potential reservoir sequences including the Kilburn Sandstone, Chatsworth Grit, Ashover Grit and Kinderscout Grit. The Silkstone Rock primary objective was poorly developed in the well.

Analysis of the wireline log data indicates that the hydrocarbon saturations associated with the shows are not sufficiently encouraging to warrant testing.

The well is currently being plugged before the drilling rig is released from contract and in due course the wellsite will be fully restored to its original condition as agricultural land.

Egdon 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."

The licence interests in the Laughton Prospect and the two other conventional prospects in PEDL209 are : Egdon Resources U.K. Limited : 50% Blackland Park Exploration Limited : 28% Stelinmatvic Industries Limited : 12% Union Jack Oil plc : 10% At 1:04pm:

[LON:EDR] Egdon Resources PLC share price was -0.88p at 8.25p

[LON:UJO] Union Jack Oil Plc Ord 0.025p share price was -0.04p at 0.14p



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