LONDON (Alliance News) - Egdon Resources PLC on Tuesday reported solid results from testing on the Wressle-1 well in Lincolnshire.
The company said testing has been completed on the first set of perforations in the Penistone Flags reservoir, the last of three hydrocarbon-bearing zones identified in the Wressle-1 well.
The Penistone test produced gas at restricted flow rates of up to 1.7 million cubic feet of gas per day with associated oil of up to 12 barrels of oil per day and no free water from a 9 metre perforated zone at the top of the formation, Egdon said.
Gas flow rates were constrained by the equipment and flaring limits imposed by the environmental permit, it added, but it said the gas and oil are of good quality.
Egdon has a 25% working interest in the prospect and is the operator. Europa Oil & Gas (Holdings) PLC and Celtique Petroleum Ltd both have 33.3% stakes in the prospect and Union Jack Oil PLC has an 8.3% stake.
Egdon shares were up 2.0% to 8.80 pence on Tuesday morning. Europa shares were trading flat at 8.00 pence, while Union Jack shares were down 5.3% to 0.213 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Europa Oil & Gas (EOG)
Union Jack (UJO)