Business
Wressle Development Update
Wressle Development Update.
About this update from Europa Oil & Gas (holdings) Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 1510L\n Europa Oil & Gas (Holdings) PLC\n 11 January 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 Development Update\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 provide an update on the \n development \n of the \n Wressle Oil Field ('Wressle' or the 'Project'\n )\n \n in\n North Lincolnshire\n which remains on course for first oil by the end of January 2021\n . \n \n Wressle\n \n lies on licences PEDL180 & 182\n (the Licences') in which\n Europa holds a 30% working interest alongside Egdon Resources (30%\n and operator\n ), \n and \n Union Jack Oil (\n 40\n %).\n \n \n \n \n \n Further to the Company's announcement of 26 November 2020, \n the workover rig and associated services and equipment were successfully mobilised to site during the week commencing 4 January 2021\n .\n \n O\n perations to recomplete and reperforate the well have commenced\n and\n are expected to be completed to enable the Ashover Grit reservoir to be flowed prior to the end of January 2021 as previously advised.\n \n \n \n \n \n \n \n Wressle is expected to commence production \n from the Ashover Grit\n \n reservoir \n at \n a constrained\n gross rate of 500\n barrels of oil per day (\n '\n bopd\n '\n )\n . At this rate,\n Europa's existing UK onshore production \n would \n more than double to over 200bopd.\n W\n ith an estimated breakeven oil price of US$17.6 per barrel\n , production at Wressle is expected to be very profitable at current oil prices of over US$50 per barrel. \n \n \n \n \n \n \n Simon Oddie, CEO of Europa, said\n \n \n :\n \n \n \n \n \"With oil prices trading above US$50 per barrel, far above the US$17.6 per barrel required for the field to break even, we are keen to bring Wressle into production at the earliest opportunity, so the commencement of operations at the site is most welcome. I look forward to providing further updates on progress made at the field as we target first oil by the end of the month.\"\n \n \n \n ...