Egdon Resources plc (AIM:EDR), a UK focused energy company, is pleased to advise that the North Sea Transition Authority (“NSTA”) has approved the Field Development Plan for the Wressle oil field in North Lincolnshire, held under licences PEDL180 and PEDL182 (the “Licences”) where Egdon is operator with a 30% interest.
The NSTA has also approved the Licences entering their production phase, which will continue through to 2039.
Commenting on these positive developments, Mark Abbott, Managing Director of Egdon Resources plc, said:
“This is a key milestone for the Wressle project as it transitions from an extended well test to production under an approved field development plan. Wressle continues to generate high levels of production and revenues. The Wressle-1 well is currently amongst the most productive in the onshore UK and to date has produced over 170,000 barrels of oil.
I am proud of the Egdon team and our contractors for their efforts and determination in achieving this key milestone. My thanks also go to our joint venture partners Union Jack Oil and Europa Oil and Gas, for their support and advice during this process.
Our focus now turns to completing the installation of the few remaining permanent production facilities and progressing the planning, permitting and implementation of the gas monetisation plan. This will enable a reduction in gas incineration and remove the limitations on oil production. In parallel we are advancing the development plan and consenting process to enable production from the Penistone Flags reservoir where gross Mid-case Contingent Resources of 1.53 million barrels of oil and 2 billion cubic feet of gas have been independently reported.”