Expected to Take About Three Weeks
By Ian Walker
Union Jack Oil, Europa Oil & Gas (Holdings), and Egdon Resources have announced that the installation of a jet pump system and accompanying surface equipment has commenced at the Wressle hydrocarbon development in England. The process is estimated to take approximately three weeks.
According to the companies, production from the Wressle-1 well is expected to be reinstated by the end of next month.
Union Jack holds a 40% economic interest in the Wressle development, with Europa and Egdon each holding a 30% share.
Union Jack Chairman, David Bramhill, emphasized the significance of installing a jet pump on the Wressle-1 well. “Industry sources indicate that over 90% of oil wells employ artificial lift during their life-cycle, therefore, the natural sequence of the installation of a jet pump on the Wressle-1 well offers a reliable method of ensuring the continued operation and optimization of its future production performance.”
Shares of Union Jack at 0759 GMT were down 1.50 pence, or 7.3%, at 19.0 pence. Europa shares were down 0.12 pence, or 11%, at 1.02 pence while Egdon shares were unchanged at 4.40 pence.