New plans are underway to drill for more oil and gas at Wressle in North Lincolnshire.

In a statement to investors today, the site operator Egdon Resources said:

“The Company is progressing towards submitting planning and permitting for further development at Wressle and finalising a programme of drilling in our exploration and development/redevelopment projects for 2023-24.”

The current Wressle well began formal oil production in July 2022, after extended flow tests.

Last week, the company said it had reprocessed and reinterpreted 3D seismic data for the Wressle field.

Egdon said this work aimed to identify reservoir targets for drilling an additional well or wells “at the earliest opportunity subject to receipt of regulatory approval”.

The new well or wells were “likely to be drilled from the existing Wressle wellsite”, Egdon said.

The company added that a new report had been commissioned to take account of the reinterpreted data to consider all oil and gas-bearing formations at Wressle.

Egdon said it installed three micro turbines at the site in January and February 2023. They would, the company said, eliminate routine diesel generation at Wressle.

Work was also continuing to pump gas, extracted with Wressle oil, into the local grid, rather than flaring it.

The UK saw record levels of flaring onshore in 2022, largely because of the start of oil production from the Wressle site.

Egdon said it was also making “good progress” on a renewable energy, green hydrogen and energy storage project.

Key figures

Egdon released some financial figures today for the six months to January 31 2023.

Production for the period: 46,465 barrels of oil equivalent, up 27% on the previous period

Production rate: 253 barrels of oil per day

Unaudited revenue: £3.725m, up 46% on previous period. (H1 2022: £2.551m)

Cash and cash equivalents at 31 January 2023: £3.324m. (H1 2022: £2.084m)

Net current assets: £7.334m. (H1 2022: £1.165m)

Egdon’s interim figures are due to be published on 24 April 2023