Union Jack Oil

Union Jack has announced that the Wressle-1 well has been brought back into production following the installation of a downhole jet pump and associated surface facilities to optimise flow-rates.

Since production resumed, flow-rates in excess of 950 barrels of oil per day have been recorded. The well is now on continuous 24-hour production and is still cleaning up. Export and sale of oil has recommenced.

Once stabilised production is achieved a further announcement will be made.

Union Jack holds a 40% economic interest in PEDL180 and PEDL182.

Europa Oil & Gas

Europa has announced that the W1 well at the onshore UK Wressle oilfield has resumed production. The jet pump and the associated surface equipment is operating as expected and since production resumed the W1 well has produced at gross rates of over 950 bbls of oil per day (“bopd”), compared to approximately 750 bopd prior to the jet pump.

The well is now on continuous 24-hour production and is expected to continue to clean up over the course of the coming days. Once stabilised production is achieved a further announcement will be made.

Europa holds a 30% economic interest in PEDL180/182.

Will Holland, Chief Executive Officer of Europa, said:
“We are pleased that the oil production has resumed at Wressle and that the W1 well is once more producing at impressive rates. The work has been completed safely and without incident and I look forward to updating the market again once stable production has been achieved.”

Also I will be on the Europa webinar at 2pm, all the details are here. 

https://www.linkedin.com/posts/europa-oil-and-gas-holdings-plc_register-as-an-investor-investor-meet-company-activity-7127263147316375552-3Wvx?utm_source=share&utm_medium=member_ios

Trinity Exploration & Production

Trinity Exploration & Production plc (AIM: TRIN), the independent E&P company focused on Trinidad and Tobago, is pleased to provide an update on operations at its Jacobin oil discovery.

As announced on 23 October 2023, the Jacobin well (the “Well”) flowed at an encouraging rate, producing a total of 113 barrels (34 bbls oil and 79 bbls completion fluid) over a seven-hour period prior to a sand plug forming in the Well.  The coiled tubing unit was deployed to clean-out the Well and was run in hole to approximately 9,700 feet.  This intervention has successfully removed the blockage.

On 4 November 2023, operations to bring the Well back into production started on a 3/64th-inch choke, and were gradually increased to an 8/64thchoke.  The Well is cleaning-up with an initial mixed flow comprising oil, water (from the coiled tubing unit operation) and completion fluids, with no visible sign of sand at surface.  The Company intends to restart the production test imminently, in order to obtain a sustained flow rate for the Well.

Trinity’s current operations are focused on the deepest of three discovered oil-bearing horizons in the deeper exploration section of the Well.  This is a thin zone of five feet but was highly pressured, and hence there is a risk that production on a sustained basis may be compromised.  However, two thicker oil-bearing zones are located up-hole which are expected to comprise larger connected volumes of oil.

The Company will provide flow rate data when stabilised information is available, alongside details of the next phase of operations.

Jeremy Bridglalsingh, Chief Executive Officer of Trinity, commented:
“We continue to clean up the lowest of three zones in the Jacobin discovery in advance of further testing.  Thereafter, we look forward to moving up-hole to carry out testing on what we expect to be the more productive upper zones.  The onsite team has worked hard to progress operations and we are actively assessing the most constructive way to advance the near-term production potential of Jacobin”.

i3 Energy

i3 Energy has announced the following Q3 2023 operational and financial update.

Q3 Highlights:

• Average Q3 2023 production of approximately 21,156 barrels of oil equivalent per day (“boepd”), representing a 14% increase over the prior quarter and a 3% increase from Q3 2022.
• Net operating income for the quarter reflecting restored production and strengthening commodity prices was USD 25.97 million (as compared to USD 17.66 million in Q2), representing a 47% increase quarter-over-quarter.
• i3 remained focused on repayment of its new credit facility, with the original drawn amount of CAD 75 million reduced to CAD 66.67 million (USD 49.39 million) and net debt as at 30 September 2023 of approximately USD 27.56 million, down from USD 38.98 million as at 30 June 2023.
• As part of i3’s commitment to its total shareholder return model, dividends of £3.08 million (USD 3.91 million) were declared in Q3 and paid in October 2023.
• Post quarter-end the board of directors approved a USD 6 million capital program, for the balance of 2023, centred on the Company’s Glauconite and Leduc oil fairways in Central Alberta.

Majid Shafiq, CEO of i3 Energy plc, commented:
“Following the major scheduled maintenance activities and disruptions due to wildfires in Q2 we are very pleased with the recovery of production levels in Q3, and we remain on track to meet our previously stated guidance for 2023 production and net operating income. We will also shortly commence a three well drilling programme, focussed on oil development in Central Alberta.”

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