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.
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.