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Europa Oil & Gas begins operations at Wressle oil field, on-track for first oil by January-end
StockMarketWire.com
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Oil and gas exploration and development company Europa Oil & Gas said it had commenced well preparation operations at the Wressle oil field in North Lincolnshire that were expected to be completed to enable the Ashover Grit reservoir to be flowed prior to the end of January 2021.
Wressle was expected to commence production from the Ashover Grit reservoir at a constrained gross rate of 500 barrels of oil per day, the company said. At this rate, Europa's existing UK onshore production would more than double to over 200bopd.
'With an estimated breakeven oil price of US$17.6 per barrel, production at Wressle is expected to be very profitable at current oil prices of over US$50 per barrel,' it added.
Wressle lies on licences PEDL180 & 182, in which Europa held a 30% working interest alongside Egdon Resources, holding a 30% stake as operator, and Union Jack Oil holding the remaining 40%.
At 9:42am: (LON:EOG) Europa Oil Gas Holdings PLC share price was 0p at 1.13p
Story provided by StockMarketWire.com
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