EDR Egdon Resources Plc

By Alex MacDonald

LONDON--U.K.-listed Egdon Resources PLC (EDR.LN) said Tuesday it has begun to drill the Wolds-1 exploration well at its Burton on the Wolds prospect in Leicestershire, England.

The well is expected to take around 26 days to drill to a depth of around 1,000 meters. The prospect was acquired by Egdon in May 2011 with initial evaluations showing the potential for an oil discovery at two locations. The company currently estimates prospective resources of 3.8 million barrels of oil.

Egdon is the project operator with a 32.5% stake, while other shareholders include Celtique Energie Petroleum Ltd. with a 32.5% stake, Terrain Energy Ltd. and Corfe Energy Ltd. each with a 12.5% stake, and Union Jack Oil PLC (UJO.LN) with a 10% stake.

Write to Alex MacDonald at alex.macdonald@wsj.com