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Europa Oil & Gas encouraged by Wressle field progress

The onshore UK oil field remains on-track to finally be delivered in the second half of 2020

Europa Oil & Gas Holdings PLC - Europa Oil & Gas encouraged by Wressle field progress

Europa Oil & Gas Holdings PLC (LON:EOG) chairman Simon Oddie has told investors he is encouraged by the progress being made with the onshore Wressle oil field project in Lincolnshire.

It comes after the project operator provided an update on the site work, which has been continuing during the coronavirus (COVID-19) pandemic.

Four groundwater monitoring boreholes were completed at the Wressle site, as required under the project’s approvals, and a three-month period of monitoring and analysis will now take place.

READ: Europa says Wressle will transform revenue profile

Other work items need to be addressed before production operations begin, including the reconfiguration of the site, the installation of surface facilities, and sub-surface work.

“We are encouraged by the progress being made at Wressle, particularly during this challenging period, and that the field remains on track to commence production in H2 2020,” Oddie said in a statement.

“Under the development plan, Wressle is expected to come online at an initial gross rate of 500bopd, which would more than double Europa’s existing UK onshore production to over 200bopd. 

“Requiring a US$17.62 oil price to break-even, these extra 150 bopd are profitable at today’s oil prices and would therefore lead to a step change not just in Europa’s UK onshore production but also in the company’s financial profile. With this in mind, I look forward to providing further updates on progress made," he added.

Europa owns a 30% interest in the Wressle field, alongside partners Union Jack Oil PLC (LON:UJO) and Egdon Resources (LON:EDR) which own 30% and 27.5%, respectively.

Quick facts: Europa Oil & Gas Holdings PLC

Price: 1.05 GBX

AIM:EOG
Market: AIM
Market Cap: £4.67 m
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