The UK’s North Sea Transition Authority (NSTA) has approved the field development plan (FDP) for the Wressle field, in Lincolnshire, which is owned by Union Jack Oil PLC (AIM:UJO) (40%), Europa Oil & Gas (30%) and Egdon Resources (30%).
The NSTA also approved Wressle entering their production phase, which will continue through to 2039.
"The approval of the FDP by the NSTA is another significant and important milestone in the history of Wressle,” said David Bramhill, Union Jack's executive chair.
"Wressle-1 is currently amongst the most productive wells in the UK, and to date has produced over 170,000 barrels of high-quality oil.
"Focus now turns to completing the installation of the few remaining permanent production facilities and progressing the planning, permitting and implementation of the gas monetisation plan.
Union Jack last week cheered the passing of its latest revenue milestone, as the Wressle field has now generated more than US$6mln of net revenue for the company. The single-well UK oil field, in Lincolnshire, has been producing ahead of original expectations since production resumed in August 2021.
In a separate statement, Europa Oil & Gas chief executive Simon Oddie said: "The NSTA's approval of the Field Development Plan ensures the Wressle project remains on track to transition from an extended well test to production.
“Wressle continues to exceed our expectations, generating high levels of production and revenues, with the Wressle-1 well currently amongst the most productive in the onshore UK, producing over 170,000 barrels of oil to date.
Oddie added: “Our next steps involve advancing the development plan and consenting process to enable production from the Penistone Flags reservoir where gross Mid-case Contingent Resources of 1.53 million barrels of oil and 2 billion cubic feet of gas have been independently reported, in addition to progressing gas monetisation and continuing to optimise oil and gas production from the Ashover Grit reservoir.”