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 PEDL 180 and PEDL 182 (‘the Licences’) 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%).

Following the successful completion of the coiled tubing operations on 19 August 2021, the Wressle-1 well has exceeded production expectations. The well has achieved instantaneous flow rates in excess of 884 barrels of oil per day (“bopd”) and in addition, 480,000 cubic feet of gas (c80 barrels of oil equivalent) per day from the Ashover Grit on a significantly restricted choke setting (30.5/64ths) and with high wellhead flowing pressure. No formation water has been seen as the well continues to clean up.

Even with the excellent flow rates that are being realised, the full flow potential of the well is still yet to be fully tested due to constraints with the gas handling equipment.

The forward plan is to remove these constraints to increase production rates further and complete the testing of the well’s full potential before defining a plateau production rate which matches the well behaviour to the installed permanent facilities, long term operational objectives and prudent reservoir management.

The operator has advised that the revision to the Environmental Permit has been received, enabling the installation of a combustion plant to facilitate gas to electric generation.

Simon Oddie, CEO of Europa said: “We are delighted to report this instantaneous rate of over 950 barrels of oil equivalent per day (“boepd”) at the Wressle-1 well, a substantial increase to our previous expectations. Combined with high current oil prices in excess of $70 per barrel, Wressle is providing Europa with a major revenue stream. In the UK onshore Wressle is now second only to Wytch Farm, Dorset in terms of daily production”.

Further information on Wressle

The Wressle-1 well was drilled in 2014 and tested in 2015. During testing, a total of 710 barrels of oil equivalent per day were recovered from three separate reservoirs: the Ashover Grit; the Wingfield Flags; and the Penistone Flags. In September 2016, a Competent Person's Report ('CPR') provided independent estimates of reserves and contingent and prospective oil and gas resources for Wressle of 2.15 million stock tank barrels classified as discovered (2P+2C). development of Wressle, including producing additional reserves existing in the Penistone Flags formation, is expected in the future.

About Europa Oil & Gas

Europa Oil & Gas (Holdings) plc has a diversified portfolio of multi-stage hydrocarbon assets which includes production, development and exploration interests, in countries that are politically stable, have transparent licensing processes, and offer attractive terms. In terms of production, in the year to 31st July 2020 Europa produced 92 boepd. Production has increased to over 200 boepd with the Wressle field production.