Egdon Resources plc (AIM:EDR) is pleased to announce the commencement of production from the Waddock Cross oil field in UK Onshore Production Licence PL090, located in Dorset around 10 kilometres to the east of Dorchester.
Waddock Cross is mapped by Egdon as containing mean in-place volumes of over 30 million barrels of oil in the Lower Jurassic Bridport Sandstone reservoir. Initial production will be from the Waddock Cross-2 well which has had larger production tubing and a higher capacity pump installed and is expected to produce at gross rates of around 30 barrels of oil per day. The plan for the first phase of the development thereafter is to restore production from the Waddock Cross-3 horizontal well and to drill two further horizontal producer wells by 2015. Egdon estimate gross Proven and Probable Reserves for the field for this initial phase to be about 300,000 barrels of oil.
The interests in the Waddock Cross oil field are:
|Egdon Resources U.K. Limited||45.00% (Operator)|
|First Oil Expro Limited||26.25%|
|Aurora Exploration (UK) Limited||18.75%|
|Dorset Exploration Limited (wholly owned by Egdon)||10.00%|
Commenting on the start of production Mark Abbott, Managing Director of Egdon said:
“We are pleased to have completed site works and to have obtained the required consents within our expected timeline and we now look forward to increasing ongoing production and revenues as we continue to progress the phased development of the Waddock Cross oil field over the coming years.”