–News Direct–
Europa Oil & Gas (Holdings) PLC (AIM:EOG) chief executive William Holland speaks to Thomas Warner from Proactive London after the exploration and production company released a production update from its 30% owned PEDL180/182 licence at the Wressle oil field in Lincolnshire.
Holland starts by detailing the journey from introducing a jet pump in November, which technically enabled a production potential of over 1,000 barrels a day, to achieving a stable production rate of 550 barrels daily. This stability, however, was initially constrained by the surface pump's operation and water handling capacity.
Addressing the challenges of water production, a common occurrence in oil wells, Holland explained the necessity of the jet pump. It was installed to manage the increased hydrostatic 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 water disposal.
A breakthrough came with the Environment Agency's permit, received on December 14th, allowing for proper water disposal. This development has enabled Europa Oil & Gas to gradually increase production rates, currently around 680 barrels per day, with an emphasis on cautious reservoir management and optimisation.
Holland emphasises the importance of balancing water handling, avoiding additional water production, and adhering to gas flaring limits. The company aims to increase production further, with careful consideration of reservoir health and maximising recovery rates. The CEO also touched on Europa Oil & Gass other ventures, particularly the Cloughton project. He hinted at potential announcements regarding new drilling locations in collaboration with the Duchy of Lancaster.
Contact Details
Proactive UK Ltd
+44 20 7989 0813
View source version on newsdirect.com: https://newsdirect.com/news/europa-oil-and-gas-still-aiming-to-increase-wressle-flow-rate-977950298
Europa Oil & Gas (Holdings) PLC
COMTEX_445185504/2655/2023-12-19T07:45:35
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Sahyadri Times journalist was involved in the writing and production of this article.
