Union Jack Oil PLC Fiskerton Airfield Acquisition Update (9052W)
November 20 2017 - 1:00AM
UK Regulatory
TIDMUJO
RNS Number : 9052W
Union Jack Oil PLC
20 November 2017
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.
20 November 2017
UNION JACK OIL PLC
(AIM: UJO)
Oil and Gas Authority Approval for Acquisition of Interest in
Producing Fiskerton Airfield Oilfield
Further to the announcement of 6 November 2017, Union Jack Oil
plc ("Union Jack" or the "Company"), a UK-focused, onshore oil and
gas production and exploration company, is pleased to announce that
the Oil and Gas Authority has approved the acquisition by Union
Jack of a 20% economic interest in licence EXL294 containing the
producing Fiskerton Airfield Oilfield ("Fiskerton") from the
Operator, Egdon Resources plc.
EXL294 is located approximately seven miles east of the City of
Lincoln. Fiskerton was discovered in 1997 and cumulative production
has totalled circa 440,000 barrels of oil from the most likely
mapped Oil in Place of 2.2 million barrels. The oil is of good
quality (35.2(o) API) and is exported by road tanker to a refinery
at Immingham, North East Lincolnshire.
The Company`s initial review of historic 3D seismic and drill
logs suggests there is upside potential in the oil resources at
Fiskerton. Union Jack will fund a 3D seismic re-processing exercise
on behalf of the Joint Venture to assist in re-mapping the area
surrounding Fiskerton to identify further production opportunities
from the reservoir. It is estimated that initial interpretations
from the 3D seismic re-processing will be available H1 2018.
Fiskerton has suffered from a marked lack of investment over the
years. Prior to acting on the initial interpretations of the 3D
seismic re-processing, the Joint Venture partners plan to enhance
the cash flows and profitability of Fiskerton by increasing
production initially to between 30 and 40 barrels of oil per day
via low cost well interventions. Workover operations are planned on
both the producing FA-3 and the shut in FA-1 wells during the next
few months including the installation of new tubing, pumps and the
isolation of water producing zones.
Subject to the results of the 3D seismic re-processing, the
Joint Venture partners will investigate the potential to increase
further production through in-fill drilling.
The interests held in EXL294 are held by:
Egdon Resources plc
(Operator) 80%
--------------------- ----
Union Jack Oil plc 20%
--------------------- ----
For further information, please contact:
Union Jack Oil plc +44 (0)7787 160 682
David Bramhill
SP Angel Corporate Finance
LLP +44 (0)20 3470 0470
Nominated Adviser and
Joint Broker
Lindsay Mair
Richard Hail
Turner Pope Investments
(TPI) Ltd +44 (0)20 3621 4120
Joint Broker
Ben Turner
James Pope
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 47 years of international oil and gas
industry experience.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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