EGN - Europa Oil & Gas still aiming to increase Wressle flow rate
(NewsDirect)
Europa Oil & Gas (Holdings) PLC(AIM:EOG) chief executive William Holland speaks to Thomas Warner fromProactive London after the exploration and production company releaseda production update from its 30% owned PEDL180/182 licence at theWressle oil field in Lincolnshire.
Holland starts by detailing the journey from introducing a jetpump in November, which technically enabled a production potential ofover 1,000 barrels a day, to achieving a stable production rate of 550barrels daily. This stability, however, was initially constrained bythe surface pump's operation and water handling capacity.
Addressing the challenges of waterproduction, a common occurrence in oil wells, Holland explained thenecessity of the jet pump. It was installed to manage the increasedhydrostatic pressure caused by water, thereby maintaining oil flow.Despite the pump's effectiveness in boosting oil production,limitations arose due to the lack of adequate facilities for waterdisposal.
A breakthrough came withthe Environment Agency's permit, received on December 14th,allowing for proper water disposal. This development has enabledEuropa Oil & Gas to gradually increase production rates, currentlyaround 680 barrels per day, with an emphasis on cautious reservoirmanagement and optimisation.
Hollandemphasises the importance of balancing water handling, avoidingadditional water production, and adhering to gas flaring limits. Thecompany aims to increase production further, with carefulconsideration of reservoir health and maximising recovery rates. TheCEO also touched on Europa Oil & Gas’s other ventures,particularly the Cloughton project. He hinted at potentialannouncements regarding new drilling locations in collaboration withthe Duchy of Lancaster.
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