(Alliance News) – Europa Oil & Gas Holdings PLC and Union Jack Oil PLC announced on Tuesday that production had increased at the onshore UK Wressle-1 well. Europa Oil & Gas, an Irish oil and gas exploration company, holds a 30% stake in the well, while Union Jack Oil, a Bath-based oil and gas development company, holds a 40% stake. Both companies have received approval from an environmental agency, allowing them to process higher volumes of fluids at the surface and have nearby water disposal facilities.
Until now, production rates at the UK onshore oil field of Wressle were limited to 550 barrels of oil per day due to limited surface jet pump rates. Following the environmental agency’s approval, the surface pumping rate has been increased since December 14, with a production rate of 680 bopd over 24 hours on December 18.
The jet pump is capable of processing up to 1,440 barrels of fluid per day and is being closely monitored to determine the optimal pumping rate for oil production. It is expected to take a few weeks for the well to stabilize and reach an optimal production rate.
Will Holland, CEO of Europa, said: “With the environmental agency permit allowing us to utilize the jet pump’s capacity, it’s good to see the well responding so well to the increased pumping rate. I believe the [Wressle] well has the potential to provide stable production at materially higher levels than the 550 bopd we were producing at, and the current rate of 680 bopd is very encouraging.”
David Bramhill, executive chairman of Union Jack Oil, said: “I believe the installation of the jet pump and other surface facilities at Wressle will significantly enhance oil and gas production, strengthening the company’s balance sheet for many years to come.”
In London on Tuesday morning, shares in Europa Oil & Gas were down 1.4% at 1.09 pence each, while shares in Union Jack Oil were up 1.0% at 19.19 pence each.
By Hugh Cameron, journalist at Alliance News
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