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Egdon Resources secures consents to begin proppant squeeze operation at Wressle oil field
StockMarketWire.com
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Egdon Resources said it had received all necessary consents for the commencement of the proppant squeeze operation at the Wressle oil field development located in North Lincolnshire licences PEDL180 and PEDL182.
The proppant squeeze operation was expected to optimise oil production from the Ashover Grit reservoir, to a constrained gross rate of 500 barrels of oil per day (150 bopd net to Egdon), the company said.
The operation was expected to be completed and optimum oil production achieved during June 2021.
'Production rates have continued to increase and have exceeded our expectations with high quality free flowing oil being produced and no water present,' the company said.
'All data confirms the independent prediction that over 500 bopd will be achievable following the proppant squeeze. The well will continue operating on test production until the proppant squeeze operation is undertaken,' it added.
At 9:04am: (LON:EDR) Egdon Resources PLC share price was 0p at 1.65p
Story provided by StockMarketWire.com
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