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Pin to quick picksEgdon Resources Share News (EDR)

Share Price Information for Egdon Resources (EDR)

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Share Price: 1.60
Bid: 1.50
Ask: 1.70
Change: 0.00 (0.00%)
Spread: 0.20 (13.33%)
Open: 1.60
High: 1.60
Low: 1.60
Yest. Close: 1.60
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Egdon, Europa Oil And Union Jack Report Oil Flow At Wressle Oil Field

Mon, 1st Feb 2021 11:07

(Alliance News) - Oil & gas companies Egdon Resources PLC, Europa Oil & Gas Holdings PLC and Union Jack Oil PLC on Monday announced the commencement of oil flow at the Wressle oil field in North Lincolnshire, England.

The Wressle oil field lies on licences PEDL180 and PEDL182, in which Europa and operator Egdon hold a 30% working interest each and Union Jack Oil has a 40% interest.

Europa is a UK, Ireland and Morocco-focused oil firm, while Egdon and Union Jack Oil are focused on the UK.

Following operations to recomplete the Wressle-1 well and reperforate the Ashover Grit reservoir interval, which were finished "safely and on-schedule", the well has been placed on a continuous 24-hour test production and is now in the normal clean-up phase as it is brought on-stream.

In January, the trio said, the well will start producing at a constrained gross rate of 500 barrels of oil per day.

Egdon's and Europa's production will increase by 150 barrels of oil per day, and Union Jack's will increase by an additional 200 barrels of oil per day, once Wressle is fully on stream, they added.

Europa noted in January that this would more-than-double its existing UK onshore production to more than 200 barrels of oil per day.

"The successful and safe completion of operations to recomplete and reperforate the Wressle-1 well on schedule, in spite of the ongoing pandemic and associated lockdown, is testament to the professionalism and expertise of the team on the ground. With Wressle-1 currently on continuous 24-hour test production, I look forward to providing further updates once it has cleaned up and flow rates have stabilised," said Europa Chief Executive Simon Oddie.

On Monday morning in London, Egdon shares were down 1.7% at 2.06 pence, Europa shares were up 0.9% at 1.62p and Union Jack shares were down 3.0% at 0.18 pence.

By Zoe Wickens; zoewickens@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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