18th Jun 2015 08:33
LONDON (Alliance News) - The companies involved in the PEDL180 license in Lincolnshire on Thursday said they have started an extended well test on Wressle-1 following on from the initial testing that was carried out earlier this year.
Egdon Resources PLC is the operator of the license with a 25% stake whilst Europa Oil and Gas (Holdings) PLC has a 33.3% interest. Union Jack Oil PLC holds a 8.3% stake, with Celtique Energie Petroleum Ltd holding the balance.
The facilities and equipment required to conduct the extended well test have now been installed. The test will focus on the Ashover Grit, one of three reservoirs that were encountered during initial testing. The other two others encountered during testing were the Wingfield Flag and Penistone Flag reservoirs.
In February, when initial testing on Wressle-1 was carried out, the Ashover Grit flowed 80 barrels of oil and 47,000 cubic feet of gas per day for a 28 day period.
Once the extended well test on the Ashover Grit is complete, testing will begin on the Penistone Flag reservoir, again to determine production rates under pumped conditions.
"The earlier testing of the Wressle-1 discovery in the first quarter of 2015 was very successful with combined production rates of 710 barrels of oil equivalent per day from the four zones tested," said Egdon Managing Director Mark Abbott.
We now look forward to the results of this extended well test programme which will provide further valuable information on the Ashover Grit and Penistone Flags reservoirs and enable us to determine commerciality and optimise potential field development and monetisation options for the Wressle discovery," he added.
On Thursday morning, Egdon shares were up 6.0% to 14.58 pence, Europa shares were down 4.6% to 7.75p, and Union Jack shares were up 5.1% to 0.221p.
By Joshua Warner; [email protected]; @JoshAlliance
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