leadf
logo-loader
RNS
viewUnion Jack Oil PLC

Union Jack Oil PLC - West Newton B-1 Well Commencement of Drilling

RNS Number : 0224B
Union Jack Oil PLC
05 October 2020
 

Market Abuse Regulation (MAR) Disclosure   

  Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement

 

 

5 October 2020

 

Union Jack Oil plc

("Union Jack" or the "Company")

West Newton B-1 Well Commencement of Drilling

 

Union Jack Oil plc (AIM: UJO), a UK focused onshore hydrocarbon production, development and exploration company, is pleased to announce that the onshore West Newton B-1 ("WNB-1") well, the next well following the successful West Newton A-2 ("WNA-2") appraisal well, has now spud.

 

Union Jack holds a 16.665% interest in PEDL183, containing the conventional West Newton A-1 discovery well and WNA-2 appraisal well.

 

The objectives of the WNB-1 well are:

·    To evaluate the extent of the hydrocarbon accumulations found in the Kirkham Abbey formation by the WNA-2 well in June 2019

·    To test the reservoir properties of the deeper Cadeby formation which, if found to be hydrocarbon bearing, could add significantly to the value of the West Newton field

 

In November 2019, the Operator provided updated hydrocarbon initially in-place volumetric estimates in respect of the Kirkham Abbey formation post drilling of the WNA-2 well:

 

Base Case:      

-     Liquids: 146.4 million barrels ("mmbbl") of oil initially in-place ("OIIP"); 

-     Gas: 211.5 bcf of gas initially in-place ("GIIP") 

 

Upside Case:   

-     Liquids: 283 mmbbl OIIP 

-     Gas: 265.9 bcf GIIP

 

These volumes do not include prospective resources in the Cadeby formation from which the West Newton A-1 well recovered oil saturated core and the WNA-2 well encountered oil shows. The Cadeby is expected to have better reservoir development at the WNB-1 location.

 

The West Newton field is situated close to existing infrastructure and at the heart of the Zero Carbon Humber project.

 

The borehole will be drilled to a depth of approximately 2,000 metres using a Drillmec HH 220 drilling rig.  Drilling will continue 24 hours a day, seven days a week, with completion expected to take six to ten weeks. Once completed, the drilling rig will be demobilised from the site over a period of approximately one week.

 

All operations are being conducted in accordance with Covid-19 related guidance and restrictions.

 

Competent Person`s Statement

In accordance with the "AIM Rules - Note for Mining and Oil and Gas Companies," the information contained within this announcement has been reviewed and signed off by Graham Bull, Non-Executive Director, who has over 46 years of international oil and gas industry experience.

 

For further information, please contact:

 

Union Jack Oil plc

Via Cassiopeia Services Ltd

David Bramhill

 

SP Angel Corporate Finance LLP

+44 (0)20 3470 0470

Nominated Adviser and Broker

 

Richard Morrison

 

Richard Hail

 

Caroline Rowe

 

Cassiopeia Services Ltd

+44 (0)7949 690 338

Public Relations

 

Stefania Barbaglio

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
DRLFLFLLISLSIII

Quick facts: Union Jack Oil PLC

Price: -

Market: AIM
Market Cap: -
Follow

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Union Jack Oil says deals like Laughton can be "very lucrative"

David Bramhill, executive chairman at Union Jack Oil (LON:UJO), discusses the reasons why the company has decided to acquire a 10% interest in the Laughton prospect in the East Midlands. He says that due to the low cost involved, projects like this can be "very lucrative" and that the...

on 01/26/2016

4 min read