Egdon Resources plc (LON:EDR), an established exploration and production company focused on the hydrocarbon-producing basins of the onshore UK, has provided an update on operations at its Wressle Oil Field Development located in North Lincolnshire, covered by Licences PEDL180 and PEDL182 and where the Company holds a 30% operated interest.
Egdon is pleased to advise that the coiled tubing operation has been completed safely and successfully and the Ashover Grit reservoir has been returned to flow, under extended well testing operations. The well flow is continuing to clean-up and has not yet reached its full potential. The measured flow rates have exceeded 500 barrels of oil per day under a restricted choke setting, which was the forecast rate following the proppant squeeze operation.
We will provide a further update once stabilised flow rates are established in the coming weeks.
Mark Abbott, Managing Director of Egdon, commented:
“I am delighted to advise that the proppant squeeze operation has been successful in enabling the Wressle well to deliver the target production rate of 500 barrels of oil per day. Oil production will be optimised whilst the Ashover Grit reservoir continues to clean-up. With this additional 150 barrels of oil per day net to Egdon and the current strong oil price, Wressle will have a transformational impact on Egdon’s near-term cash flow.
Considerable upside remains in the additional reservoirs at Wressle and in adjacent prospects and we expect Wressle to be an important asset for Egdon for a number of years to come.
I would like to take this opportunity to thank all of Egdon’s contractors who have contributed so effectively to delivering this milestone event for the Wressle joint venture.”
