Egdon Resources plc said it would apply for planning permission before the end of February 2021 for a new oil well at Biscathorpe in Lincolnshire.
SIDE-TRACK
The operating company has a 35.8% interest in PEDL253 and its joint venture partners include Union Jack Oil (30%).
Egdon said that accessible drilling target areas had been identified, where a thickened Westphalian sandstone reservoir interval was evident.
The company added the areas could be targeted by a side-track of the existing Biscathorpe-2 well which was suspended following drilling operations in 2019 when it failed to find the target formation.
The proposed side-track would also target the oil column logged in the underlying Dinantian Carbonate in Biscathorpe-2.
Egdon will submit the application on behalf of its JV partners for the side-track drilling operation, associated testing and, in a success case, the long term production of oil at the site.
LONG-TERM PRODUCTION
Managing director Mark Abbott said that Biscathorpe represented a “material and financially robust opportunity” to secure a lower carbon footprint, in comparison to imports, within the UK.
The project would also generate local and regional economic benefits.
“Our planning application will include long term production, which if approved would provide clarity on planning, ahead of further drilling and would enable rapid development in a success case.”
CONSULTATIONS
Egdon will include an environmental statement involving specialist reports and assessments to identify any potential environmental impacts.
The company will also hold consultations with the public and stakeholders to start the process and develop a detailed planning application.