Wressle-1 well production is currently averaging 665 barrels of oil per day at the onshore joint venture in North Lincolnshire.
MAXIMISATION
Operator Egdon Resources UK Ltd (30%) continues to evaluate the reservoir response to increased pump rates, approved by the Environment Agency, within PEDL180/182 .
Union Jack Oil plc (40%), which today reported it had US$18 million revenue generated since the restart of production in August 2021, said that the well had responded favourably to the new jet pump rate.
“The engineers may decide to further increase these rates whilst the well performance is continually being optimised to maximise oil recovery volumes,” said executive chairman Jack Bramhill.
Europa Oil & Gas (Holdings) plc (30%), confirmed its free cash flow (pre-capex) for 2023 was expected to be approximately £800,000.
As at 30 November, the company held £4.3m cash.