The estimate stems from an independent technical review by Molten of the shale resources potential in the northern part of the licence within the Widmerpool Gulf, published by junior partner Union Jack Oil.
Union Jack Oil executive chairman David Bramhill said the review of the East Midlands block had generated “compelling ‘in-place’ un-risked scoping volumetric estimates for both shale oil and shale gas”.
The report said areas with significant thicknesses of Upper and Lower Bowland Shale are “likely to be primarily oil-bearing due to the geological history and proximity of shallower oil field developments”.
At the same time, Union Jack stressed the estimates were “subject to exploration risk, which may be considerable”.
“There is no certainty that any portion of this resource will be commercially producible,” the AIM-listed explorer said.
Molten’s report did not attribute a value or risk factors in its preliminary assessment of the block south of Nottingham.
Egdon Resources operates the licence on a 32.5% interest, with Celtique Energie also on 32.5%, Terrain Energy and Corfe Energy on 12.5% each and Union Jack on 10%.
The permit is due to see its first well drilled later this year with the conventional exploration probe Burton on the Wolds 1, due to be spudded after Wressle 1 at PEDL 180 that is now due to begin drilling in July.