Drilling at Laughton



RNS… commencement .
–1 well pedl 209
UJO 10% interest . share 10% up on news.

Brokers spread.


quote a few of these are being traded over on ISDX

broker reckons 0.84 target.


Note from SP Angel FWIW:

Today the Company reports that Egdon (the operator), has spudded the Loughton-1 well, which we carry 0.01p in our current (0.07p unrisked) valuation. The Loughton well is the next well in its funded multi well exploration, appraisal and development programme, which has delivered discoveries at Wressle and Kiddington to date. While the latter needs to be appraised before we can assess its full impact, the low cost (due to existing infrastructure) and proximity of a successful analogue gives us cause for optimism.

The Company continues to manage its risk profile and management remains a tight rein on costs, meaning that it is retained significant resources, which we believe, will be sufficient to see it to first oil at Wressle (assuming all progresses to plan).

We are reiterating our 0.70 Target Price and BUY Recommendation.


Angel… joint broker… with shore who is also nomad.