PEDL201 – Burton on the Wolds
In October 2014 drilling operations were completed on the Burton on the Wolds-1 exploration well located on PEDL201 in Leicestershire and the well was plugged penetrating only thin sands in the primary reservoir objective, the Rempstone Sandstone group.
Data received during drilling is now being interpreted in order to evaluate the future prospectivity of the licence. The opportunity to interface the wireline data and fresh cutting samples has been taken and an international consultancy is conducting this work on behalf of the Partnership. This will assist in the quantification of the source rock potential and the unconventional upside that may exist on the licence.
Prior to drilling, in June 2014 industry consultants Molten Limited completed a report commissioned by Union Jack reviewing the shale resource potential within PEDL201.
Molten’s review and analysis was summarised as follows:
- Molten calculates the mean deterministic un-risked in place volumes within that shale area of approximately 5.4 billion barrels of oil and over 2.7 trillion standard cubic feet of gas.
- Union Jack’s 10% interest of the mean volumes identified would amount to approximately 540 million stock tank barrels of oil initially in place and approximately 270 billion standard cubic feet
of gas initially in place.
- Elsewhere in the world, the combination of the technologies of horizontal drilling and hydraulic fracturing has permitted extensive shale developments, most notably in the United States. Although relatively recent in the history of the oil and gas industry, developments such as the Bakken oil play in the US have been producing for over 19 years. Shale oil recovery factors in the US have ranged from approximately 1% to nearly 10%.
- If recovery factors even at the low end of those achieved in the US can be achieved in the UK, these volumes would represent significant economic developments.
The percentage interest holdings are as follows:
|Egdon Resources (Operator)||
|Terrain Energy Limited||
|Union Jack Oil||