Egdon Resources is planning to carry out a long-term production test after positive free-flow results from Wressle-1 exploration well in the UK.
The company has completed well-test operations in Lincolnshire Licence PEDL 180 on the Ashover Grit reservoir, the first of three potentially hydrocarbon bearing zones found in the well.
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Oil production of 80 barrels per day was achieved during a 16-hour main flow period along with 47,000 cubic feet of gas per day.
A bridge-plug will be used to isolate the Ashover Grit and Egdon will continue test operations on two further discrete zones where hydrocarbons are located from log data.
Egdon Resources managing director Mark Abbott said: "These are very encouraging results, with free-flowing rates of 80 bopd of good quality oil from the first zone tested.
"We now look forward to the results from two further intervals which could add further substantial production potential to that demonstrated from the Ashover Grit.
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By GlobalData"During this period of reduced oil prices, the low development and operating costs of onshore UK production means that discoveries such as Wressle remain commercially attractive and we look forward to progressing plans for a longer term pumped production test on the Ashover Grit and any of the other zones which show potential."
Europa Oil & Gas has a 33.3% working interest in the PEDL 180 licence, covers an area of 100km². Egdon operates it with a 25% stake.
Celtique Energie Petroleum and Union Jack Oil have 33.3% and 8.3% stakes, respectively.
