PEDL 201 is located in the Widmerpool Gulf, studies published by the British Geological society consider the area prospective for oil & gas.
Internationally, horizontal drilling and specialised completion technologies in tight formations have permitted extensive unconventional developments in both oil & gas, most notably in the United States. Potential in-place volumes on the licence could represent significant economic value, even if only recovery factors at the low end of those achieved in the US can be replicated in the UK onshore.
Studies have shown that the potential shale resource within this licence is significant and un-risked volumes in place could contain 5.4 billion barrels of oil initially and 2.7 trillion cubic feet of gas.
|Type of Resource||Unconventional|
|Licence Area||19,768 Acres|
|Licence Holder||% Interest|
|Union Jack Oil||26.25%|
|Humber Oil & Gas||16.25%|