The Directors of Egdon Resources plc (AIM:EDR) note the interim statement made today by Northern Petroleum plc (“Northern”) the operator of the Markwells Wood-1 well in Sussex licence PEDL126, where Egdon’s wholly owned subsidiary Egdon Resources U.K. Limited holds a 10% interest. The statement read as follows.
“Northern announces that live oil has been encountered in the Markwells Wood-1 well in the primary reservoir target. A core was taken and the well drilled to 4584 feet sub-sea level, and various logging tools are being run to aid the assessment of results. There will be no further comment until log evaluation is complete.
The Licence Partners in the Markwells Wood-1 well are:
|Northern Petroleum (GB) Limited (operator)||50%|
|Magellan Petroleum (UK) Limited||40%|
|Egdon Resources U.K. Limited||10%|