The Wressle oil field has produced at its targeted rate of 500 barrels in testing, boosting the prospects for AIM-quoted stakeholders () and Europa Oil & Gas (Holdings) PLC ().
Union Jack, in a statement, noted that the rate was achieved in the tests which followed a ‘proppant squeeze’ operation that stimulated the Wressle-1 well.
Clean-up continues and Union Jack highlighted that the well has not yet reached its optimum potential. It expects a further announcement will come once a stabilised oil flow rate is established in the coming weeks.
“I am, of course, delighted with the outcome of the proppant squeeze operation which has enabled the Wressle-1 discovery to deliver the expected production rate of 500 barrels of oil per day from the Ashover Grit reservoir, the lowest reservoir interval in the original discovery well,” said David Bramhill, Union Jack executive chairman.