Egdon Resources excited to realise the full potential from the Ashover Grit reservoir

Egdon Resources plc (LON:EDR) has advised that it has received all necessary consents for the commencement of the proppant squeeze operation at the Wressle Oil Field Development located in North Lincolnshire Licences PEDL180 and PEDL182 where the Company holds a 30% operated interest.

The proppant squeeze operation is expected 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 expected to be completed and optimum oil production achieved during June 2021.

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. 

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.

Commenting on the news Mark Abbott, Managing Director of Egdon Resources said;

“We are delighted to have received all the required regulatory consents for the proppant squeeze operation at Wressle. When successfully completed, this will realise the full potential from the Ashover Grit reservoir and is expected to increase Egdon’s net production to 150 bopd at a time of increasingly strong oil prices leading to a step change in our cash flow.”

Click to view all articles for the EPIC:
Or click to view the full company profile:
Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn

More articles like this

Oil prices rally into October

After several weeks of declines, oil began October trade with a gain driven by plans by OPEC+ to reduce production by a substantial amount. At the end of last month, the media reported that Russia had proposed a

Oil regains traction

Oil prices climbed modestly in early trade on Monday after sliding to eight-month lows last week weighed down by a surging U.S. dollar and fears sharp interest rate hikes globally would spark a recession and hit fuel demand.

Oil prices rise today

Oil prices ticked up on Tuesday as OPEC and its allies keep producing less than their quotas, but were headed for a fourth monthly decline ahead of an expected further U.S. interest rate hike which may curb economic

Oil prices rise on concerns over tight supplies

Oil prices rose in volatile trade on Tuesday as worries about tight fuel supplies ahead of winter offset investor concerns about lower demand in China, the world’s biggest crude importer, and further increases in U.S. and European interest

Egdon Resources responds to government’s decision on fracking

Egdon Resources plc (LON:EDR), a UK focused energy company, welcome today’s announcement by the Prime Minister, Liz Truss, of the lifting of the moratorium on hydraulic fracturing for shale gas which was introduced in November 2019. Commenting on

Oil rises after Russia’s Putin threatens to halt supply

Oil prices rose on Wednesday on threats that Russia will walk away from its energy supply contracts, reversing losses from earlier in the session when prices fell to their lowest since Russia invaded Ukraine. Brent crude futures were

Oil prices rise today

Oil prices rose on Tuesday after Saudi Arabia, the world’s largest exporter of crude, said the Opec+ group can cut output if required to deal with the current volatility in oil markets. Brent, the global benchmark for two-thirds

Top Tory calls for fracking to reduce huge energy bills

Lincolnshire’s chief environment councillor says that fracking is one of the only quick measures available to help people with soaring energy bills. Forecasts have been made that the average household bill for gas and electric could top £5,000

Egdon Resources submits North Kelsey planning appeal

Egdon Resources plc (LON:EDR) has advised the submission of an appeal against the refusal by Lincolnshire County Council in March 2022 of an extension of time to the existing planning permission for the drilling and testing of a

Oil prices rebound

Oil prices rebounded slightly on Thursday morning in Asia trading after falling to multi-month lows earlier on the back of a sudden rise in inventories that signaled a fall in U.S. demand. What Happened: U.S. crude inventories rose by 4.5

Oil rises more than $1 a barrel

Oil rose more than $1 a barrel on Thursday, extending gains from the previous session, buoyed by improved risk appetite among investors as lower crude inventories and a rebound in gasoline demand in the United States supported prices.

High crude prices are here to stay high

Crude oil has been on a decline over the past few weeks as growing worry about a looming global recession weighs it down. But oil is not going as far down as drivers across the world would like

Oil prices extended gains today

Oil prices extended gains on Monday, propped up by a weaker dollar and tight supplies that offset concerns about recession and the prospect of widespread Covid-19 lockdowns in China again reducing fuel demand. Brent crude futures for September

Oil could climb higher

Failure to agree on a price cap for Russian oil will push international prices higher, a U.S. government official has warned, adding that the cap would need to be accompanied by sanction exemptions. In a report quoting the unnamed official,

Oil prices edge up

Oil prices edged slightly higher in volatile Asian trade on Friday, reversing earlier losses as the market weighed up the tight global supply concerns against recession fears. Brent crude futures rose 48 cents, or 0.5 per cent, to

No more posts to show