Europa Oil & Gas (Holdings) PLC (AIM:EOG) told investors that its 30%-owned Wressle field is seeing gross production rates averaging 665 barrels of oil per day, and it continues to evaluate data following operations to bolster output.
It included the installation of a new pump and its performance is presently being monitored.
“Our engineers are closely monitoring the Wressle 1 well and are optimising the jet pump rate to maximise oil recovery and value from the well,” Europa chief executive Will Holland said in a statement.
“This remains a dynamic process and we may decide to increase pump rates further as the well performance continues to be assessed."
Europa, meanwhile, highlighted that its pre-capex free cash flow is expected to be approximately £0.8 million and, at the end of November 2023, its cash position was £4.26 million.
The company noted that cash flow was less than previously forecast and this reflected primarily the delayed timeline for the Wressle programmes, but this scheduling also resulted in materially lower capex than anticipated.
Importantly, it said that it has sufficient funds to cover its forecast capital and operational requirements for 2024.