Europa Oil & Gas (Holdings) PLC (AIM:EOG) CEO William Holland speaks to Thomas Warner from Proactive after announcing the commencement of operations to install an artificial lift on the Wressle-1 well.
The exploration and production company is installing a jet pump on the Wressle-1 well, a departure from traditional beam pumps. Holland explains that jet pumps utilise the Venturi effect, boosting fluid flow and maintaining pressure differentials for increased production.
This move enhances oil extraction efficiency, countering the well's natural decline. Holland clarifies that this is not a sign of the well's end, but a strategic step in its lifecycle, anticipating a substantial output from it. Regarding the broader Wressle field, Holland says that Europa is progressing with planning and permitting, and is expecting approvals for development. The company aims to tap into the lucrative Penistone formation, with drilling operations planned for the next year.
Holland also addresses the debate surrounding UK oil and gas fields, advocating for domestic production to reduce emissions and boost the economy. He highlights the industry's expertise and the compelling argument for homegrown energy.
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