Egdon Resources plc announced it had received approval to start the proppant squeeze operation at the Wressle oil field development in North Lincolnshire.
OPTIMISATION
The operator holds a 30% operated interest in licences PEDL180 and PEDL182 with joint venture partners Europa Oil & Gas (Holdings) plc (30% working interest) and Union Jack Oil plc (40%).
Egdon expects the proppant squeeze operation to optimise oil production from the Ashover Grit reservoir (one of the three productive reservoirs tested) to a constrained gross rate of 500 barrels of oil per day (150 bopd net to Egdon).
The operation is due to be completed and optimum oil production achieved during June 2021.
PRODUCTION RATES
“The Wressle-1 well has been on 24-hour test production since late January with produced oil transported by road tanker to the Phillips 66 Humber refinery and sold under Egdon’s existing oil sales contract,” said Egdon.
“Production rates have continued to increase and have exceeded our expectations with high quality free flowing oil being produced and no water present.
“All data confirms the independent prediction that over 500 bopd will be achievable following the proppant squeeze.
“The well will continue operating on test production until the proppant squeeze operation is undertaken.”
All three JV partners said that the expected increase in production would significantly change the companies’ cash balance.