Egdon Resources plc (LON:EDR) the UK Energy Company, has provided an update on the Wressle well and expected timing of publication of the Competent Person’s Report currently being undertaken by ERC Equipoise Ltd (“ERCE”).
· Cumulative production from the Wressle-1 well totalled 492,876 barrels of oil through to the end of July 2023
· The well continues to produce under natural flow
· Limited volumes of water have been observed, with water cut averaging 3.72% of total field production during July 2023
· The start of water production is significantly later than originally anticipated, providing further evidence that the expected recoverable volumes from the Ashover Grit will be at the higher end of the estimates detailed in the independent Competent Person’s Report (“CPR”) prepared by ERCE and announced on 26 September 2016. The 2016 CPR forecast gross volumes from the Ashover Grit of 2P 0.54 MMstb and 3P 1.12 MMstb.
· The advent of water is now being incorporated into ERCE’s reservoir modelling and resource assessment work streams, which will be reflected in the new Competent Person’s Report
· A more detailed update will be provided when the Competent Person’s Report has been completed
Egdon Resources plc (LON: EDR) is an established UK-based energy company focused on onshore exploration and production in the UK.
Egdon holds interests in 33 licences in the UK and has an active programme of exploration, appraisal and development within its portfolio of oil and gas assets. Egdon is an approved operator in the UK. Egdon was formed in 1997 and listed on AIM in December 2004.
