The company will further drill the well to the relatively shallow target depth of around 1,000m.
It is a conventional oil prospect, consisting of two targets, with 3.8 million barrels of estimated oil resources.
Egdon Resources managing director Mark Abbott said: "We are pleased to report commencement of the drilling of the second of our East Midlands conventional exploration wells, following on from the positive results at Wressle-1, where logged hydrocarbons are due to be tested.
"Our conventional exploration drilling programme is a key part of our growth strategy, with successful exploration capable of delivering near-term additions to our reserves, production and revenue streams."
Egdon is the operator and has a 32.5% interest along with Celtique Energie Petroleum which also has a 32.5% interest while Terrain Energy and Corfe Energy each have 12.5% stake while Union Jack Oil has 10% interest.
PEDL201, which was awarded to Egdon and Celtique in 2008, is located on the southern margin of the Widmerpool Gulf geological basin.
