Egdon Resources received a planning consent from Leicestershire County Council to drill an exploratory borehole on the Burton on the Wolds prospect in the UK onshore petroleum exploration and production license PEDL201, south of Widmerpool Gulf geological basin.
A 2D seismic data identified two targets with a conventional oil prospect at two distinct Carboniferous stratigraphic levels.
Egdon will drill the shallower target, Rempstone sandstone, and a deeper secondary target underlying a seismic anomaly, which is indicative of a carbonate reef.
The mean combined prospective resources for these two targets are estimated to be 3.8 million barrels of oil.
The proposed well will be drilled to depth of around 1,000m to intersect both targets position near the crest of the Burton on the Wolds structure.
Egdon is the operator of the license with 32.5% interest, while other partners are Celtique Energie Petroleum, Terrain Energy, Corfe Energy, and Union Jack Oil with 32.5%, 12.5%, 12.5%, and 10% respectively.
The company will share 15% cost of the Burton on the Wolds-1 well.