Business
Wressle Achieves 500 bopd
Wressle Achieves 500 bopd.
About this update from Europa Oil & Gas (holdings) Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 5267J\n Europa Oil & Gas (Holdings) PLC\n 24 August 2021\n \n \n \n Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas\n \n Europa Oil & Gas (Holdings) plc ('Europa' or 'the Company')\n Wressle Achieves 500 bopd\n \n \n \n \n Europa Oil & Gas (Holdings) plc, the UK\n , \n Ireland\n and Morocco\n focused oil and gas exploration, development and production company,\n is pleased to\n \n provide an update on the Wressle oil field development ('Wressle') which \n is located on licences PEDL180 and PEDL182 ('the Licences'\n )\n \n in North Lincolnshire\n . Europa holds a 30% working interest in the Licences, alongside Egdon Resources \n U.K. Limited \n (30% and operator), and Union Jack Oil (40%). \n \n \n \n \n \n The operator has\n advise\n d\n that the coiled tubing operation has been completed safely and successfully and \n that \n the Ashover Grit reservoir has been returned to flow, under extended well testing operations. The well flow is continuing to clean-up and has not yet reached its full potential. The measured flow rates have exceeded 500 barrels of oil per day\n over a 24 hour period\n , which was the forecast rate following the proppant squeeze operation.\n \n \n \n \n \n Further updates will be provided \n once stabilised flow rates \n have been\n established in the coming weeks.\n \n \n \n \n \n \n Simon Oddie, CEO of Europa, said:\n \n \n \n \n \n \"Achieving the targeted 500 barrels of oil per day production rate at Wressle is an excellent outcome, following the successful proppant squeeze operation at the Wressle-1 well. While oil production will be optimised in the coming weeks as the reservoir continues to clean-up, a gross rate of 500 bopd at Wressle more than doubles Europa's existing UK onshore production to over 200 bopd. At current oil prices of over US$65 per barrel, this step-up in net production willtransform Europa's financial profile and in turn provide a strong platform from which to grow the Company further. Considerable upside exists in the other formations at Wressle which we now look forward to progressing.\n \n \n \n \n \n \n \"I would like to thank the operator and its contractors for achieving this excellent outcome which is a miles...