LONDON (Alliance News) - The companies involved in the Wressle-1 oil and gas discovery on the PEDL180 license in the UK Friday said the oil being produced at Wressle has increased after the operator completed a flow test on a fourth interval on the discovery.
Egdon Resources PLC is the operator of the license with a 25% stake whilst Europa Oil and Gas (Holdings) PLC has a 33.3% interest. Union Jack Oil PLC holds a 8.3% stake, with Celtique Energie Petroleum Ltd holding the balance.
In separate statements, the companies said the second flow test carried out on the Penistone Flags reservoir produced an average of 77 barrels of oil per day and represents the fourth reservoir at the discovery to produce oil.
Taking all the flow tests carried out on all the reservoirs into account, the Wressle discovery has produced an average of 710 barrels of oil equivalent per day.
An extended well test will now be completed which will begin in May and last for two months.
On Friday morning, Union Jack shares fell by 10% to 0.180 pence per share whilst Europa shares rose by 6% to 6.76 pence. Egdon shares were untraded, last trading at 7.10 pence per share.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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