Egdon Resources has completed the purchase of a 100% interest in the Fiskerton Airfield oil field in Lincolnshire.
The acquisition was made for a total cash consideration of $750,000, with the effective date of January 1 this year.
Egdon Resources plc (AIM:EDR) is pleased to announce the completion of the acquisition of the producing Fiskerton Airfield oil field in Lincolnshire licence EXL294 announced 10 July 2017.
The field sales averaged 16 barrels of oil per day (“bopd”) in the second half of the recently closed Egdon financial year (February-July 2017) the field having been shut in for repairs during January 2017.
The field is currently producing circa 16 bopd from one of two production wells (FA-3).
Egdon plans to enhance the cash flows and profitability of the operation by increasing production initially to between 30 and 40 bopd via low cost well interventions.
During the next few months it is planned to workover both the currently producing FA-3 and the shut-in FA-1 wells by installing new tubing, pumps and isolating water producing zones.
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