Egdon Resources plc (AIM:EDR) a UK-based exploration and production company primarily focused on the hydrocarbon-producing basins of onshore UK, is pleased to provide a summary of the results of the analysis of the downhole hole pressure data acquired in the Wressle-1 well during December 2021. The interpretation was carried out by ERCE, an independent energy consultancy, on behalf of the Wressle joint venture partners.
Egdon holds a 30% interest and is operator of the field.
Highlights
- The results demonstrate the significant potential of the Wressle-1 well and the production rates that could be achieved once the surface facilities are optimised and a gas utilisation scheme is in place
- Based on the current reservoir pressure and a flowing tubing head pressure of 400 pounds per square inch gauge (“psig”), ERCE estimates that a rate of 1,216 barrels of oil per day (“bopd”) would be achievable, whilst maintaining a flowing bottom hole pressure above the oil saturation pressure (“bubble point”)
- At 300 psig flowing tubing head pressure, ERCE estimates the well could flow at a rate of 1,543 bopd whilst at the oil bubble point
- ERCE estimates a reservoir permeability of 80 millidarcies, and the analysis also confirmed the effectiveness of the proppant squeeze in reducing the skin factor from 107 to 0.2. (The skin factor is an estimate of the impairment to flow within the reservoir caused during drilling, completion or the original testing operations.)
Mark Abbott, Managing Director of Egdon, commented:
“The conclusions of this work clearly demonstrate the significant potential of the Wressle-1 well and the possible production rates that can be achieved from the Ashover Grit reservoir interval.
“We continue to work to realise the full commercial potential of the Wressle field. This will be achieved through optimising the production facilities, progressing options for gas monetisation and advancing the development plan for production from the Wingfield Flags and Penistone Flags reservoirs. In the meantime, the asset continues to generate material cash flow that has transformed the Company’s financial outlook.
I look forward to making further announcements in respect of progress in due course”.