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Wressle on course for first oil by end of January 2021

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Oilfield Technology,

Europa Oil & Gas (Holdings) plc has announced that the workover rig and associated services and equipment were successfully mobilised to the Wressle oilfield site in North Lincolnshire, UK, during the week commencing 4 January 2021.

The development remains on course for first oil by the end of January 2021.

Operations to recomplete and reperforate the well have commenced and are expected to be completed to enable the Ashover Grit reservoir to be flowed prior to the end of January 2021 as previously advised.

Wressle is expected to commence production from the Ashover Grit reservoir at a constrained gross rate of 500 bpd. At this rate, Europa’s existing UK onshore production would more than double to over 200 bpd. With an estimated breakeven oil price of US$17.6/bbl, production at Wressle is expected to be very profitable at current oil prices of over US$50/bbl.

Simon Oddie, CEO of Europa, said: “With oil prices trading above US$50 per barrel, far above the US$17.6 per barrel required for the field to break even, we are keen to bring Wressle into production at the earliest opportunity, so the commencement of operations at the site is most welcome. I look forward to providing further updates on progress made at the field as we target first oil by the end of the month.”

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