2nd Oct 2013 09:36
LONDON (Alliance News) - Egdon Resources PLC Wednesday said that it has started production at its Waddock Cross oil field in Dorset.
The oil and gas exploration and development company, which focuses on oil and gas reserves onshore England and France, said that Waddock Cross, located around 10 kilometres to the east of Dorchester, is expected to contain mean in-place volumes of over 30 million barrels of oil in the Lower Jurassic Bridport Sandstone reservoir.
It said that initial production will be from the Waddock Cross-2 well, which has had larger production tubing and a higher capacity pump installed, and is expected to produce at gross rates of around 30 barrels of oil per day.
Egdon said that after that, the plan is to restore production from the Waddock Cross-3 horizontal well, and to drill two further horizontal producer wells by 2015. The company estimates gross Proven and Probable Reserves for the field for this initial phase, to be about 300,000 barrels of oil.
Egdon Resources shares were trading 3.9% higher Monday morning, at 10.00 pence per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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