Europa holds a 30% working interest in the North Lincolnshire Licences PEDL180 and PEDL182. Credit: skeeze from Pixabay.

Europa Oil & Gas Holdings (EOG), Union Jack Oil (UJO) and other partners have described the Wressle oil field development project in the UK as `economically robust` in the current low oil price environment.

The Wressle oil field development project lies onshore UK in North Lincolnshire Licences PEDL180 and PEDL182. It was discovered by the Wressle-1 well on the PEDL180 licence in Lincolnshire in 2014.

Europa holds a 30% working interest in the licences. Other partners include Egdon (30%), Union Jack Oil (27.5%) and Humber Oil & Gas (12.5%), with Egdon serving as the operator of the project.

The partners cited the findings of Egdon Resources’ updated model, which estimated a $17.62 a barrel break-even oil price for the project.

According to the companies, the forward plan for the Wressle development includes finalising detailed designs, tendering and procurement of materials.

Site reconfiguration, installation and commissioning of surface facilities, installation of the groundwater monitoring boreholes and establishment of baseline conditions through monitoring, and other sub-surface operations are part of further plans for the project.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The companies have targeted first oil for the second half (H2) of this year.

EOG chairman Simon Oddie said: “The results of the updated economic model for Wressle confirm what we have long believed, that the project represents a low-cost opportunity to more than double Europa’s production to over 200 barrels of oil per day (bopd).

“With first oil targeted for H2 2020, I look forward to providing further updates on progress made towards bringing this UK onshore field into production.”

In June 2016, the Oil & Gas Authority granted a two-year extension to Europa Oil & Gas for the PEDL 143 licence in the UK’s onshore Weald basin, Surrey.