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Union Jack Oil Plc and Europa Oil & Gas (Holdings) Plc boosted as ERCE says much higher rates are possible at Wressle

Production rates at Wressle could double if facilities can be changed, according to ERCE.

The Wressle oil field in Lincolnshire, part-owned by AIM-quoted Europa Oil & Gas and Union Jack Oil PLC (AIM:UJO), could see greater returns if facilities constraints on gas production can be alleviated.

That’s the key finding in a report authored by consultant ERCE which carried out an analysis of down-hole pressure data in December.

ERCE estimated that the field could achieve production rates of up to 1,216 barrels of oil per day, compared to around 600 barrels per day at the moment, based on current reservoir pressure and ‘a flowing tubing head pressure of 400 pounds per square inch gauge (psig)’.

The technical consultant meanwhile added that an even higher rate of 1,543 bopd would be possible at 300 psig.

“This result clearly demonstrates the significant potential of the Wressle well and the rates that can be achieved from the Ashover Grit reservoir alone,” said Simon Oddie, chief executive of 30% Wressle stakeholder Europa Oil & Gas.

“The operator is now advancing plans to allow production of the well to meet its full potential as soon as possible and also with the development of further resources in the Wingfield Flags and Penistone Flags reservoirs, which underpins our excitement on Wressle”.

David Bramhill, executive chair at Union Jack, owner of a 40% stake in Wressle, in a separate statement added: “The conclusions of the ERCE interpretation demonstrate the material potential of the Wressle-1 well and the flow rates that could be achieved from the Ashover Grit reservoir interval.”

Bramhill similarly pointed to the upside potential coming from the Wingfield and Penistone resources, and a possible gas monetisation scheme that would add a further revenue stream.

“The joint venture partners look forward to unlocking the full potential of Wressle-1 and to making further announcements in respect of progress in due course,” he added.

Read More: Union Jack Oil Plc and Europa Oil & Gas (Holdings) Plc boosted as ERCE says much higher rates are possible at Wressle

2022-01-19 02:22:00

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