Union Jack Oil PLC Commencement of Drilling Operations at West Newton (2123X)
April 26 2019 - 1:01AM
UK Regulatory
TIDMUJO
RNS Number : 2123X
Union Jack Oil PLC
26 April 2019
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
26 April 2019
Union Jack Oil plc
("Union Jack" or the "Company")
Commencement of Drilling Operations at West Newton PEDL183
Union Jack Oil plc (AIM: UJO), a UK focused on-shore hydrocarbon
production, development and exploration company is pleased to
announce the commencement of conventional drilling operations at
West Newton, located within PEDL183 in East Yorkshire and within
the Western sector of the Southern Zechstein Basin. PEDL183 is
operated by Rathlin Energy (UK) Limited.
The West Newton A-2 appraisal well, targeting the Kirkham Abbey
Shoal and Cadeby Reef formations for gas and oil respectively, was
spudded at 01:45 on 26 April 2019.
Union Jack has a 16.665% interest in PEDL183 which contains the
significant West Newton A-1 gas discovery with a gross Best
Estimate Contingent Resource of 189 billion cubic feet of gas
equivalent within the Kirkham Abbey Shoal formation. In addition,
there is considerable upside potential from the lower, Cadeby Reef
formation, oil exploration target underlying the gas reservoir,
with a gross Best Estimate Prospective Resource of 79.1 million
barrels of oil equivalent.
The West Newton A-2 appraisal well will be drilled to a total
depth ("TD") of approximately 2,061 metres below ground level and
is expected to take circa 40 days to reach TD.
The West Newton A-2 appraisal well is fully funded and has a
combined geological and commercial Probability of Success of in
excess of 60% and 26% over the Kirkham Abbey Shoal and Cadeby Reef
formations respectively.
David Bramhill, Executive Chairman of Union Jack, commented:
"West Newton is a near term, and potentially high impact project
which, if successful would deliver a major UK onshore gas
development.
"The well is fully funded from existing cash resources, and in
preparation of success, also funded for any long-term gas
production test, plus further technical and initial conceptual
commercial studies.
"We look forward to a safe and successful drilling campaign and
to reporting preliminary results from the well to shareholders and
the market when available."
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 +44 (0)7787 160 682
David Bramhill
SP Angel Corporate Finance LLP +44 (0)20 3470 0470
Nominated Adviser
Lindsay Mair
Richard Hail
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 rns@lseg.com or visit www.rns.com.
END
DRLPGUWPCUPBUAQ
(END) Dow Jones Newswires
April 26, 2019 02:01 ET (06:01 GMT)
Union Jack Oil (LSE:UJO)
Historical Stock Chart
From Apr 2024 to May 2024
Union Jack Oil (LSE:UJO)
Historical Stock Chart
From May 2023 to May 2024