The workover of the well at the UK’s newest producing onshore oilfield has been “successfully concluded”, one of the partners reported today.
Union Jack Oil said in a statement that a new surface Triplex pump had been installed and connected. Surface upgrades were nearing completion and production was expected to resume next week (23/10/23).
The executive chairman of Union Jack, David Bramhill, told investors:
“The capital expenditure incurred in the completion of these works is comfortably funded from existing cash balances and will be offset against the Energy Profit Levy Tax at a rate of 129%.
Formal production began at Wressle in July 2022. The most recent data, published by the industry regulator, the North Sea Transition Authority, showed a monthly fall in volume to 3,051m3, from a peak in January 2023 of 4,103m3.
The most recent reports from Wressle revealed that the well had begun producing water and that an artificial lift was planned to boost production.
Production had been suspended in August 2023, a statement said, and would resume in later September 2023.
At the time of writing, shares in Union Jack which has a 40% stake in Wressle, had fallen 1.28% to 19.25p. Another partner in Wressle, Europa Oil & Gas, which holds 30%, saw shares fall 2.2% to 1.2p.
DRILL OR DROP? 
Cubic Meters is a strange unit for oil production. The annual production figures previously recorded by DOD in 2023 stats. show 2532 tonnes. Either way, since this is our second biggest UK onshore field after Wytch Farm, it’s good news that it’s producing again. Especially when the costs for the well improvement do not require a tax payer subsidy. Unlike Offshore Wind.
http://websites.milonic.com/notalotofpeopleknowthat.wordpress.com/
Strange approach that output of one well is always approached in an attempt to minimize.
I would just point out the output of one wind turbine is not too great! That is why a lot of them are needed.
Seems a good argument to try and get a lot of Wressles.
Reference share prices, 8B was knocked off the value of the largest supplier manufacturing wind turbines, in one day, when they had to announce that they basically had no idea how much to budget to repair/replace the faulty ones recently sold. Oh to have some of that within a pension pot! LOL.
Nice to see though that someone is investing in UK energy provision. How did the auction go for off shore wind?
Also ref. share price, I note Tesla has dropped dramatically, after Musk sees a big decline in profitability following dramatic price cuts, and then admits-not for the first time-that customers might not actually be able to afford his product!
Just remember that is in a market where customers are actually being forced to buy such products by Government decree, so not too much costly marketing required.
Another example of things just not adding up until the consumer pays through the nose. There seems to a lot of it.
It’s nice to know Wressle might be producing more oil for the U.K. and even a tiny bit of natural gas. Currently we import considerable amounts of gas from Qatar which according to the Telegraph this morning has “strong ties to both Hamas and Iran, which serves as Hamas’s major funder and sponsor. Hamas maintains its head office in Qatar’s capital city of Doha and receives a good deal of its funding from the Qatari government. “.
The leader of Hamas is a billionaire living in Qatar, Ismail Haniyeh. Great article in Turbulent Times about him.
https://www.turbulenttimes.co.uk/news/front-page/israel-the-evil-in-the-shadows/