Source - Alliance News

Egdon Resources PLC, Europa Oil & Gas Holdings PLC and Union Jack Oil PLC on Thursday said the Wressle 1 well in Liconolnshire, England has begun to produce a small amount of water, accounting for 3.7% of the total production fluid for July.

Egdon, a Gloucestershire, England-based oil and gas explorer and producer, added that the limited volumes of water observed at Wressle are expected to fall at the higher end of estimates of 2P 0.54 million stock tank barrels and 3P 1.12.

Egdon noted that cumulative production at the well totalled 492,876 barrels of oil through to the end of July.

Union Jack, a Bath, England-based UK-focused onshore hydrocarbon production, development, and exploration company, on Thursday also announced it had generated $17 million in revenue since restarting production at Wressle in 2021.

Europa is a UK and Ireland-focused oil and gas exploration, development, and production company which holds a 30% interest in the well, while Union Jack has a 40% economic interest in this development. The remaining 30% is owned by Egdon.

Shares in Europa were down 10% at 1.21 pence each in London on Thursday midday, while Egdon’s were trading flat at 4.20 pence each and Union Jack’s were down 2.0% at 24.25 pence.

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