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March 30, 2015

Wressle-mania as British oil juniors see more success

A triple-threat of British oil juniors were boosted again as the Wressle discovery yielded another good result.

A successful fourth flow test brought the well’s tally up to 710 barrels oil equivalent per day.

An oil column was identified within the Penistone Flags zone - separate to a previously tested gas interval - and that oil column has flowed at a rate of 77 barrels per day. The oil is said to be good quality, measured as 33 degree API.

It is the latest piece of good news for the AIM partners in the well: Europa Oil & Gas (LON:EOG), Egdon Resources (LON:EDR), and Union Jack Oil (LON:UJO).

The Wressle well will now be prepared for an extended well test (EWT), beginning in May, which will aim to confirm the discovery’s longer term commercial potential.

Wressle’s fourth discovery is expected to have positive implications for future estimates of reserves and resources, according to Europa chief executive Hugh Mackay.

"The Wressle discovery has now flowed hydrocarbons from all four intervals tested. This is an excellent result and we are now working with Egdon to plan for an EWT later this year to optimise production from the field,” Mackay said.

“Thanks to our 33% interest in the well and the production rates achieved so far in testing, Wressle has the potential to materially increase Europa's existing UK production and revenues.”

Meanwhile, Egdon managing director Mark Abbott said: "The results from Wressle continue to be very positive.

“The EWT is planned to commence in mid-May with operations expected to continue for up to two months."


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