Union Jack Oil PLC West Newton B1Z Drilling Update (1432I)
December 10 2020 - 1:00AM
UK Regulatory
TIDMUJO
RNS Number : 1432I
Union Jack Oil PLC
10 December 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
10 December 2020
Union Jack Oil plc
("Union Jack" or the "Company")
West Newton B1Z Drilling Update
Union Jack Oil plc (AIM: UJO), a UK focused onshore hydrocarbon
production, development and exploration company is pleased to
announce positive preliminary results in respect of the recently
drilled West Newton B1Z ("WNB1Z") conventional appraisal well,
located within PEDL 183 and operated by Rathlin Energy (UK)
Limited. Union Jack holds a 16.665% interest in this licence
containing the West Newton A-1 discovery well and West Newton A-2
appraisal well.
Highlights
-- Substantial hydrocarbon column within a gross 62 metre
interval encountered in the Kirkham Abbey formation
-- Pending confirmation of logging and other information, in
conjunction with the WNB-1 well result, there is scope for the
overall hydrocarbon column to considerably exceed the current
identified interval
-- Porosities of up to 14% observed on wireline logs
-- The hydrocarbon-water contact is yet to be encountered at West Newton
-- Production casing has been run in preparation for a well flow testing programme
-- WNB1Z well is approximately 2.5 kilometres south of the WNA-1
discovery and WNA-2 appraisal wells, confirming extensive areal
continuity
-- Result provides a further material de-risking and is a
significant step forward in determining the development potential
of the West Newton project
David Bramhill, Executive Chairman of Union Jack, commented:
"The initial results of the WNB1Z appraisal well exceeded our
expectations.
"The most important aspect of this successful drilling exercise
is that the operation was undertaken in a safe and competent manner
by the drilling contractor and the joint venture operator.
"There remains an extensive number of technical studies to be
carried out to complete analysis of the WNB1Z well data, including
correlation of the A1, A2 and B1Z well results and updated resource
volumetric estimates, all of which will have a bearing on the
planning and timing of the testing programme which is the next
important milestone in determining the development potential of the
West Newton project.
"The preliminary results from this well vindicate Union Jack`s
faith and financial commitment over the past two years to what
Union Jack`s management has always believed to be an exceptional UK
onshore hydrocarbon enterprise."
Drilling and Results Summary
The WNB1Z side-track from the WNB-1 well commenced during
November 2020 and reached a Measured Depth of 2,114 metres. 18
metres of core has been successfully cut and recovered from the
Kirkham Abbey formation and logging operations have been
completed.
A gross 62 metre hydrocarbon saturated interval has been
encountered in the Kirkham Abbey formation indicating a substantial
hydrocarbon accumulation.
Drilling operations have now concluded, and production casing
has been run in preparation for testing of the Kirkham Abbey
interval.
The drilling rig and associated equipment will be de-mobilised
from the B site prior to the year end.
The initial log and petrophysical data obtained from the West
Newton B1Z well correlates positively with the results from the
conventional WNA-1 discovery and WNA-2 appraisal wells. Volume
expectations will be initially updated following further core and
log analysis and will also be repeated following the WNB1Z
production test.
Shareholders will be updated in due course.
Competent Person`s Statement
In accordance with the "AIM Rules - Note for Mining and Oil and
Gas Companies," the technical information contained within this
announcement has been reviewed and approved by Graham Bull,
Non-Executive Director. He is a member of the Petroleum Exploration
Society of Great Britain, the American Association of Petroleum
Geologists and a Fellow of the Geological Society of London and 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
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