According to the company, PL090 is located in Dorset around 10km to the east of Dorchester.
As mapped by Egdon, Waddock Cross contains mean in-place volumes of over 30 million barrels of oil in the Lower Jurassic Bridport sandstone reservoir.
Initial production is said to be from the Waddock Cross-2 well, which is expected to produce at gross rates of around 30 barrels of oil per day.
As part of the initial phase of the development, production will be restored from the Waddock Cross-3 horizontal well and two further horizontal producer wells will be drilled by 2015.
Gross proven and probable reserves for the field for the initial phase are estimated to be about 300,000 barrels of oil.
Egdon Resources managing director Mark Abbott said, "We are pleased to have completed site works and to have obtained the required consents within our expected timeline and we now look forward to increasing ongoing production and revenues as we continue to progress the phased development of the Waddock Cross oil field over the coming years."
