Egdon Resources plc (LON:EDR) has advised that it has received consent from North Lincolnshire Council for the storage of crude oil under the Planning (Hazardous Substances) Regulations 1992 at its Wressle Oil Field Development located in North Lincolnshire, covered by Licences PEDL180 and PEDL182 where the Company holds a 30% operated interest.
This consent allows full use of the installed oil storage capacity at the site of approximately 2000 barrels and will enable the full production to be realised following from the proppant squeeze, which is expected to increase overall production to 500 barrels of oil per day (150 barrels net to Egdon).
Commenting on the news Mark Abbott, Managing Director of Egdon Resources said;
“We are pleased to have received this final consent, which will allow the full production potential of Wressle to be realised following the proppant squeeze operation which is planned to be undertaken during June 2021.”
Egdon Resources plc is an established UK-based exploration and production company focused on onshore exploration and production in the hydrocarbon-producing basins of the UK.
The company holds interests in 41 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.
The Wressle-1 well was drilled in 2014 and tested in 2015. The Wressle-1 well has flowed oil and gas from three separate reservoirs, the Ashover Grit, the Wingfield Flags and the Penistone Flags. This totalled 710 barrels of oil equivalent per day from all zones. In September 2016 a Competent Person’s Report made independent estimates of Reserves and Contingent and Prospective oil and gas Resources for the Wressle discovery of 2.15 million stock tank barrels classified as discovered (2P+2C).