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Europa Oil & Gas (Holdings) plc, the UK, Ireland and Morocco focused oil and gas exploration, development and production company, is pleased to provide an update on the Wressle oil field development (‘Wressle’) which is located on licences PEDL180 and PEDL182 in North Lincolnshire. Europa holds a 30% working interest in the Licences, alongside Egdon Resources U.K. Limited (30% and operator), and Union Jack Oil (40%).

The operator has advised that the coiled tubing operation has been completed safely and successfully and that the Ashover Grit reservoir has been returned to flow, under extended well testing operations. The well flow is continuing to clean-up and has not yet reached its full potential. The measured flow rates have exceeded 500 barrels of oil per day over a 24 hour period, which was the forecast rate following the proppant squeeze operation.

Simon Oddie, CEO of Europa, said: 
“Achieving the targeted 500 barrels of oil per day production rate at Wressle is an excellent outcome, following the successful proppant squeeze operation at the Wressle-1 well. While oil production will be optimised in the coming weeks as the reservoir continues to clean-up, a gross rate of 500 bopd at Wressle more than doubles Europa’s existing UK onshore production to over 200 bopd. At current oil prices of over US$65 per barrel, this step-up in net production will transform Europa’s financial profile and in turn provide a strong platform from which to grow the Company further. Considerable upside exists in the other formations at Wressle which we now look forward to progressing.

“I would like to thank the operator and its contractors for achieving this excellent outcome which is a milestone for Wressle.”