The operator of the Wressle oil well in North Lincolnshire has said production could reach 1,543 barrels per day.
In a statement to investors, Egdon Resources said analysis of downhole pressure data indicated the “significant potential” of the Wressle-1 well.
The results could be achieved “once surface facilities are optimised and gas utilisation scheme is in place”, Egdon said.
The well, near Scunthorpe, is still being tested and flow rates were reported in September 2021 at more than 884 barrels of oil per day (bopd).
The statement is based on analysis by the consultancy ERCE.
It estimated a flow rate of 1,216 bopd, based on current reservoir pressure, flowing tubing head pressure of 400 pounds per square inch gauge (psig) and maintaining a flow bottom hole pressure above oil saturation pressure.
The consultancy estimated a flow rate of 1,543 bopd at 300 psig at oil saturation pressure.
Egdon has planning permission to store 2,000 barrels of oil at Wressle.
The statement also reported on the proppant squeeze, a low-volume hydraulic fracture, carried out in July 2021. This reduced the impairment of oil flow caused by well operations (the skin factor) from 107 to 0.2, ERCE estimated.
It also predicted the reservoir permeability of the Ashover Grit formation at 80 millidarcies.
Mark Abbott, managing director of Egdon, said:
“We continue to work to realise the full commercial potential of the Wressle field.
“This will be achieved through optimising the production facilities, progressing options for gas monetisation and advancing the development plan for production from the Wingfield Flags and Penistone Flags reservoirs.
“In the meantime, the asset continues to generate material cash flow that has transformed the Company’s financial outlook.”