The North Kelsey Prospect is a drill ready conventional oil prospect along trend from and analogous to the Wressle oil development - which lies some 15 km to the northwest - and has been mapped from 3-Dimensional seismic data to have potential for oil in up to four stacked conventional Carboniferous reservoir targets. Egdon estimates that the Prospective Resources range from 4.66 million barrels up to 8.47 million barrels, with a Mean Resource volume of 6.47 million barrels.
In September we announced an extension of the existing planning consent for drilling North Kelsey-1 to
Under the terms of the agreement Union Jack will acquire a further 30% interest in the license for a cash consideration of
Commenting on the agreement,
'We are pleased to have reached agreement with Union Jack to fully align our interests and objectives in PEDL241 prior to a planned joint farmout of the drill ready North Kelsey-1 exploration well. All consents are in place to drill at North Kelsey, a Wressle analogue, providing a further potentially material value catalyst for Egdon during 2021.'
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