Europa Oil & Gas (LON:EOG) and Union Jack Oil (LON:UJO) said their consortium is fast-tracking the development of the Wressle onshore field in Lincolnshire following the completion of an extended well test.
Significantly, they reckon production in excess of 500 barrels of oil a day per well can be achieved from the Ashover Grit interval.
The operator Egdon Resources (LON:EDR) has come up with a ‘tool kit’ of procedures to combat a localised near well bore formation damage known as a high skin factor, which depressed the previously reported flow rates to around 80 barrels a day.
Drilling and test data from the Wressle-1 well together with reprocessed 3-D seismic data will be used to compile the field development plan and also to quantify the resource volumes at Wressle.
The quality of the information garnered to date convinced the partners to accelerate the process and eschew the further “time-consuming and costly” testing operations on both the Ashover Grit and Penistone Flags intervals, as had been originally intended.
The field development plan will be submitted Oil and Gas Authority, North Lincolnshire Council and the Environment Agency in the first quarter of next year with the aim of being in production in the second half of 2016.
“We are highly encouraged that reservoir engineering analyses indicate initial production rates in excess of 500 barrels per day could be achieved from the Ashover Grit interval at Wressle,” said Europa’s Hugh Mackay.
“Were production to come in at or around this level, our 33% interest in the field would transform our existing production, reserves and revenue profile. Thanks to the quality of the data we have gathered, we are able to fast track the submission of the field development plan with an anticipated target for first oil at Wressle in the second-half of 2016.”
Celtique Energie and Europa both have 33.3% of Wressle; Egdon, the operator, holds 25% and Union Jack has 8.3%.