Production testing has now begun at the onshore Wressle discovery well, in Lincolnshire.
The extended well test aims to determine Wressle’s productivity using pumps, and two of the discovery’s three reservoir intervals will be tested.
Operations begin with a 28 day production phase from the Ashover Grit interval, which previously flowed unaided at a rate of 80 barrels of oil and 47,000 feet of gas.
The start of testing operations marks a significant milestone for AIM firms Europa Oil & Gas (LON:EOG), Egdon Resources (LON:EDR) and Union Jack Oil (LON:UJO) – which respectively own 33%, 25% and 8.3% of the project.
“This discovery has the potential to significantly increase our existing UK reserves, production and revenues,” said Europa chief executive Hugh Mackay.
“The EWT is a key first step towards commercialisation and monetisation and will inform the field development plan.”
Another 28 day test will follow for the Penistone Flags interval, which previously flowed at a rate of 77 bopd.
Oil produced through the extended well tests will be sold, and will therefore generate revenues for the partners. As well as cash generation, Wressle promises to significantly increase reserve volumes for the AIM-quoted juniors.
Data gathered during the well testing will enable further analysis of the Wressle discovery and will be the basis of updated estimates of reserves and resources, which will subsequently be presented in a new competent person's report (CPR).
David Bramhill, executive chairman of UJO, in a statement, said: "We look forward to the results of the extended well test programme, which will hopefully confirm the commerciality of the Wressle-1 discovery and lead to optimum potential field development and monetisation in due course."
Meanwhile Egdon managing director Mark Abbott said: "The earlier testing of the Wressle-1 discovery in Q1 2015 was very successful with combined production rates of 710 barrels of oil equivalent per day from the four zones tested.
“We now look forward to the results of this EWT programme which will provide further valuable information on the Ashover Grit and Penistone Flags reservoirs.”