The well was drilled at the start of the year but consultant APT has since carried out a sample taken from 20 intervals that indicates the presence of a 35-metre column of good quality oil at a depth of a 1,980 metres with more possible below 2,133m.
APT added that the extended interval of oil and gas was indicative of proximity to an effective petroleum system.
Mark Abbot, managing director of Egdon, said: “The results of the revised petrophysical analysis and the APT Report have upgraded the Biscathorpe-2 well result within the Dinantian interval.
“This along with the elevated gas readings and oil shows over an extended interval in the well are indicative of proximity to an effective petroleum system and validate the potential that exists within the PEDL253 licence area.”
David Bramhill, executive chairman at Union Jack, added that the APT Report had significantly upgraded the Biscathorpe-2 well result.
The prospectivity of the area around Biscathorpe-2, and the overall potential of PEDL253 can be viewed much more favourably, he said.
“Biscathorpe, in the opinion of Union Jack's management, remains one of the UK's largest onshore un-appraised conventional hydrocarbon prospects.
“The Basal Westphalian sandstone that was the primary target of the Biscathorpe-2 well, remains untested, as do the hydrocarbons unexpectedly encountered within the Dinantian.”
Egdon has a 38.5% interest in the Biscathorpe licence and Union Jack has 22%.