(Alliance News) - Egdon Resources PLC, Europa Oil & Gas PLC and Union Jack Oil PLC on Tuesday noted approval for the commencement of squeeze operations at the Wressle oil field in North Lincolnshire.
The proppant squeeze works will optimise oil production at the Ashover Grit reservoir section of the asset.
"The operation is expected to be completed and optimum oil production achieved during June 2021," the companies said.
Egdon has a 30% stake in Wressle and is the oil fields operator. Union Jack holds a 40% interest and Europa 30%.
Egdon shares closed up 6.3% at 1.70 pence each in London on Tuesday. Union Jack rose 7.1% to 37.50p while Europa Oil climbed 5.7% to 1.40p.
By Eric Cunha; ericcunha@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.