Egdon Resources has announced the accelerated development of their Wressle oil and gas discovery, with first production now expected by H216. The group had previously planned further testing of the well in 2015, but now considers additional testing unnecessary. The Ashover Grit interval had previously tested at 80b/d, but subsequent petroleum engineering and geotechnical work suggests this rate had been impeded by nearby wellbore formation damage. Subsequent petroleum engineering and geotechnical work suggests a rate of 500b/d could be achievable, giving the group the confidence to fast track the field's development. A field development plan (FDP) is now being compiled for submission in H116.
In addition to development of the Wressle oil & gas discovery, Egdon continues to progress activities in its conventional onshore UK oil and gas business. The group targets drilling three conventional exploration wells between Q415 and Q216: North Kelsey, Laughton and Biscathorpe, worth a potential 9.8p/share (risked, according to our latest note).