21st Sep 2021 14:10
(Alliance News) - Oil production at the Wressle field in north Lincolnshire has exceeded expectations, joint venture owners Union Jack Oil PLC, Egdon Resources PLC and Europa Oil & Gas Holdings PLC said on Tuesday.
Union Jack owns a 40% stake in Wressle, while operator Egdon and Europa own 30% each.
The Wressle-1 well is producing 884 barrels of oil per day, following completion of coiled tubing operations last month, the companies said. In addition, the Ashover Grit is producing 480,000 cubic feet of gas per day, "on a significantly restricted choke setting and with high wellhead flowing pressure."
That compares to the 710 barrels of oil equivalent per day produced in testing, from three separate reservoirs.
Production is set to increase further once constraints on gas handling equipment are lifted. The companies will then test the well's full potential before defining a plateau production rate.
Shares in Union Jack were up 2.6% to 24.62 pence in London on Tuesday afternoon. Egdon was up 5.1% to 1.55p, while Europa was down 0.9% to 1.64p.
By Ivan Edwards; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
Europa Oil & GasEDR.LUnion Jack