Northern says that the Markwells Wood -1 well was spudded at 15:00hrs on 21 November 2010. The location is between the Horndean and Singleton producing oil fields and is assessed to be an extension of the former. The final measured depth will be 6,009 ft (1,831m) at a true vertical depth of 4,528 ft (1,380m).

The well will test a target with a mean potential independently assessed at 35.0 million barrels of oil in place, with an upside potential of 61.4 million barrels with a ten percent probability. A further announcement will be made once drilling is completed, or as appropriate.

The Licence Partners in the Markwells Wood well are: Northern Petroleum (GB) Limited 50% Magellan Petroleum (UK) Limited 40% Egdon Resources U.K. Limited 10%

Tags: Northern Petroleum