The Wressle onshore oil and gas joint venture reported a 263% increase in 2P gross reserves based a new competent person’s report.
VINDICATION
Partners comprise operator Egdon Resources UK Ltd (30%), Union Jack Oil plc (40%) and Europa Oil & Gas (Holdings) plc (30%).
ERC Equipoise Ltd’s CPR is dated 31 December 2023 and compares with 2016 figures.
Wressle’s revised gross reserves for 1P show 906 mboe (2016: 303 mboe); 2P 2,373 (665); and 3P 4,888 (1,356).
By June 2023, the JV had produced 519 mboe in each category from the flagship project within PEDL180 on the western margin of the Humber Basin.
The CPR also includes a reclassification of 1,883 mboe in Penistone Flags contingent resources to 2P reserves.
Upgrades were recorded of 59% to the Ashover Grit and Wingfield Flags estimated ultimate recoverable reserves and 23% to Broughton North, within PEDL182, prospective 2U resources.
The CPR with the effective date is 30 June 2023 was based on information provided by Egdon up to 24 July 2023, and includes updated seismic interpretations and production data.
Europa chief executive officer Will Holland said that the new figures resulted from an “extensive and detailed independent technical evaluation of Wressle and the surrounding prospectivity”.
Union Jack executive chairman David Bramhill added: “The increase in Wressle’s reserves vindicates the focus by the JV partners management of the field’s production to maximise recoverable volumes.
“This provides further support to the development approach we have undertaken to date.
“The installation of artificial lift on the Wressle-1 well marked the start of the next phase of Wressle’s development, which will also focus on the export of gas production to the UK National Transmission System, recently approved by the JV.”