Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
(AIM: UJO)
Biscathorpe-2 Exploration Well - Issue of Environmental Permits
The prospect is located between
The Biscathorpe-2 well will target a down-dip area of the structure identified following the drilling of the Biscathorpe-1 well in 1987 by BP which found oil in 1.2 metres thick sandstone of Westphalian (Carboniferous) age at the crest of the structure. The sandstone is expected to thicken and deepen to the North and West of the original well and the structure has been defined by modern 3D seismic. The well has a planned depth of 2,100 metres
The Mean Gross Prospective Resources at Biscathorpe are estimated by Egdon to be 14 million barrels of oil and the well has been assessed as having a 40% chance of success.
Operations, including site construction, are expected to commence in late 2017.
Current Licence interests in PEDL253 are as follows:
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53.8% |
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35.2% |
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12.0% |
For further information, please contact:
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+44 (0)7787 160 682 |
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+44 (0)20 3470 0470 |
Nominated Adviser and Joint Broker |
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+44 (0)20 3621 4120 |
Joint Broker |
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This information is provided by RNS