14th Mar 2016 13:12
LONDON (Alliance News) - Egdon Resources PLC and Union Jack Oil PLC on Monday said drilling operations on the Laughton-1 well at the PEDL209 onshore licence in Lincolnshire has been completed and will be plugged and abandoned.
The primary objective of the well was "poorly developed", the companies said, with analysis of the wireline log data indicating hydrocarbon saturations in the well were "not sufficiently encouraging" to warrant testing.
The well is being plugged before the drilling rig is released from contract. Egdon said the well was drilled on time and on budget.
Egdon owns a 50% interest in the licence, while Union Jack has a 10% stake.
Egdon shares were down 8.0% to 8.40 pence following the announcement Monday, while Union Jack shares slumped 19% to 0.142p.
By Sam Unsted; [email protected]; @SamUAtAlliance
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Related Shares:
EDR.LUnion Jack