Union Jack Oil PLC (AIM:UJO) and its partners Europa Oil & Gas (Holdings) PLC (AIM:EOG) and Egdon Resources PLC (AIM:EDR) at the Wressle field have updated investors on the plans and operations at the UK onshore project, which continues to perform strongly versus original expectations.
Production at Wressle has now totalled over 390,000 barrels of oil, Union Jack noted in a statement, and it continues to exceed rates predicted prior to the field’s restart in August 2021.
Three microturbines were installed at Wressle in January and February with the aim of monetising gas flows which at the same time may allow overall volumes to increase without constraint as the by-product gas is drawn without the need for flaring.
At present, an extended period of testing and fine-tuning is underway to determine the impact on overall production, Union Jack said. At the same time, the Environment Agency continues to monitor operations through regular visits to site (the most recent passing with no issues identified by the regulator).
Development efforts continue, meanwhile, with desktop work underway using 3D seismic data to map and identify reservoir targets for the next phase of well drilling.
The Wressle partners expect that drilling will likely take place from the existing Wressle well site.
In the community liaison group meeting, the Wressle partners updated on the Wressle Community Fund which has been operating since early 2022 – it is operated by the Broughton Community and Sports Association (BCSA) to meet the needs of local charities and community groups.
The Wressle partners commit to making available £100,000 a year available to local groups, and, they noted that the first of three annual grant windows closed at the end of December, with 12 applicants receiving a total of £42,029.60 (and the partners topped up the fund for a further £5,500 to ensure all eligible applications could be granted).
Union Jack owns a 40% stake in Wressle alongside Egdon, the operator, which has 30%, and Europa which has the other 30%.