Egdon Resources has said it is cutting costs because low oil prices following the coronavirus outbreak have hit profitability in its fields.
Europa Oil & Gas, one of the main investors in oil production plans at Wressle, announced today it had cut salaries and cancelled non-core contracts because of the coronavirus outbreak and oil price falls.
Production from the Wressle oil site near Scunthorpe will break even at $17.62 a barrel, the operator, Egdon Resources, has said. In an update, the company’s managing director, Mark Abbott, said: “Our modelling shows that the Wressle development is economically robust at and below the current oil price […]
Union Jack Oil said this morning it had acquired an extra 35% stake in the Keddington oilfield in Lincolnshire.
The future of Europa Oil & Gas Limited depends on production this year from the Wressle well in north Lincolnshire, the company’s accounts have revealed.
Union Jack Oil plc has raised £5m to press ahead with drilling plans at West Newton in East Yorkshire, the company announced this morning.
IGas has been granted extra time for exploration work in six oil and gas licences awarded three years ago.