Egdon reveals promising stats from Keddington

Egdon Resources and its partners revealed some promising statistics on Monday, from the Keddington-5 development well east of Biscathorpe, Lincolnshire.

The AIM-traded company said KD5 was spudded on 20 January, and on 1 February had reached a total measured depth of 2,433 metres.

"During the course of drilling, elevated gas readings - indicative of the presence of hydrocarbons - were recorded from a gross interval of 141 metres, containing 62 metres of net sand", Egdon's board said in a statement.

The KD5 development well had since been suspended, with a completion string that would enable production flow testing of the reservoir with a traditional beam pump in due course.

"We are pleased to report the conclusion of the KD5 drilling operation, which was drilled and completed within budget", said Egdon managing director Mark Abbott.

"Following release of the drilling rig and reinstatement of surface facilities, the well will be tested to establish the potential production", he added.

Interests in the Keddington Field included the operator Egdon Resources at 45%, Terrain Energy at 35%, and Nautical Petroleum and Union Jack Oil at 10% each.

At 1350 GMT, shares in Egdon Resources were down 3.08% to 7.87%.