Egdon Resources plc said that the North Sea Transition Authority had approved the field development plan and production for the Wressle oil field in North Lincolnshire.
PRODUCTION
The joint venture comprises Egdon as operator (30%), Union Jack Oil plc (40%) and Europa Oil & Gas (30%).
Egdon added that production for the project, held in licences PEDL180 and PEDL182, will continue until 2039.
Managing director Mark Abbott described the approval as a key milestone for the project.
“Wressle continues to generate high levels of production and revenues.
“The Wressle-1 well is currently amongst the most productive in the onshore UK and to date has produced over 170,000 barrels of oil.”
MONETISATION
Egdon will now focus on completing the installation of the few remaining permanent production facilities and progressing the planning, permitting and implementation of the gas monetisation plan.
“This will enable a reduction in gas incineration and remove the limitations on oil production.
“In parallel, we are advancing the development plan and consenting process to enable production from the Penistone Flags reservoir where gross mid-case contingent resources of 1.53 million barrels of oil and 2 billion cubic feet of gas have been independently reported.”
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