Union Jack Oil PLC’s (LON:UJO) 40%-owned Wressle field in Lincolnshire, is clear to hit its production target as the project has now has been approved for crude oil storage.
A newly awarded planning approval gives consent for the full use of a 2,000 barrel storage facility.
It allows the Wressle operation to run up to full production which is expected at around 500 barrels of oil per day (bopd) gross, which will be around 200 bopd net to Union Jack.
"The JOA partners are pleased to have received this final consent, which will allow the production target at Wressle to be realised following the proppant squeeze operation which is planned to be executed and completed during June 2021," said David Bramhill, Union Jack executive chairman.
Union Jack holds a 40% interest in the Wressle field alongside Europa Oil & Gas PLC (LON:EOG) and Egdon Resources PLC (LON:EDR), which each own stakes of 30%.
Today’s announcement follows a separate progress report yesterday for the West Newton in the Humber region where test equipment has been mobilised ahead of a completion and testing programme.
Union Jack noted that the equipment will be ‘rigged up’ in the first week of what will be a six- week completion and testing programme. Initially, the work will be carried out in daylight hours though once the testing phase is underway it will move to a 24-hour operation.
It is anticipated that following the B-1Z well programme the equipment will move to the West Newton A site to re-commence testing of the A-2 well.