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Egdon Resources plc has completed the acquisition of the entire issued share capital of Dorset Exploration Ltd. (DEL). DEL is a private company that holds a 10% interest in Production License 090 and Petroleum Exploration and Production License 237, both in the county of Dorset, England. Egdon Resources U.K. Ltd. is operator for both these licenses with a 45% interest in each.
License 090 contains the Waddock Cross oil discovery, where Egdon intends to progress with a planning application for the development of the field, and a number of other prospects. In License 237 the license group has identified and delineated a potentially commercial accumulation of oil that was encountered in the 1959 Langton Herring North-1 well but may not have been adequately tested, and has mapped a number of structural prospects and leads at the level of the Sherwood sandstone, the primary reservoir at the Wytch Farm oilfield.
The license group plans to delineate these structures, which extend into the 090 license, by reprocessing existing vintage 2-D seismic data and acquiring new seismic, most likely 3-D, with a view to promoting at least one into a viable, drillable prospect.
Egdon estimates that the transaction will add an estimated 11 million barrels of oil to Egdon's resource inventory.
The interests in the 090 and 237 license are as follows: Egdon Resources U.K. Ltd., operator, 45%; First Oil Expro Ltd., 26.25%; Aurora Exploration (UK) Ltd., 18.75%; and Dorset Exploration Ltd., 10%.