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Egdon Resources confirmed the presence of hydrocarbons at a UK exploration well after carrying out further testing work.
Egdon said that a revised petrophysical analysis and other testing on the Biscathorpe-2 exploration well had upgraded the well result, confirming the likely presence of a 35 metre column, of good quality oil, within the Dinantian interval.
'This along with the elevated gas readings and oil shows over an extended interval in the well are indicative of proximity to an effective petroleum system and validate the potential that exists within the PEDL253 licence area,' Egdon said.
At 2:22pm: (LON:EDR) Egdon Resources PLC share price was +0.6p at 4.85p