Egdon Resources completes acquisition of producing Fiskerton Airfield oil field in Lincolnshire, UK

Egdon Resources on Friday reported it had completed the acquisition of the producing Fiskerton Airfield oil field in Lincolnshire.

Egdon, the UK-based exploration and production company, said it acquired 100% interest in and operatorship of the Fiskerton oil field from Cirque Energy for a cash consideration of $750,000, with the effective date of acquisition being 1 January 2017.

Sales from the oil field averaged 16 barrels of oil per day in the second half of the recently closed financial year, according to the company, having been shut in for repairs during January 2017.

Currently, the field is said to be producing approximately 16 barrels of oil per day from one or two production wells with Egdon planning to enhance the cash flows and profitability of the operation by ramping-up preliminary production to between 30 and 40 barrels of oil per day through low-cost well interventions.

The company also said it planned to workover both the "currently producing FA-3 and the shut-in FA-1 wells," during the next few months, by installing new tubing, pumps and isolating water producing zones.