Union Jack Oil PLC Wressle Update (5244D)
June 29 2021 - 10:00AM
UK Regulatory
TIDMUJO
RNS Number : 5244D
Union Jack Oil PLC
29 June 2021
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
29 June 2021
Union Jack Oil plc
("Union Jack" or the "Company")
Wressle Update
Union Jack Oil plc (AIM: UJO), a UK focused onshore hydrocarbon
production, development and exploration company provides an update
on the planned proppant squeeze operation at the Wressle oilield
development ("Wressle"), located in North Lincolnshire, covered by
licences PEDL180 and PEDL182.
Union Jack holds a 40% economic interest in this
development.
Union Jack has been advised by the by the Operator, Egdon
Resources U.K. Limited that it has been informed by Schlumberger
Oilfield UK Plc, the main contractor that a period of 14 to 28 days
could occur before operations can commence at Wressle. The revised
timetable is due to the contractor`s equipment being held on a job
over-run in continental Europe. This is compounded by tighter
import legislation and visa requirements which are beyond the
Operator`s and contractor's control.
The contractor has provided assurance to the Operator that this
revised timeline will be adhered to.
Executive Chairman of Union Jack Oil plc, David Bramhill,
commented: "We look forward to reporting on progress at Wressle,
where oil is currently free-flowing on long term test at an
acceptable rate pre-proppant squeeze.
"We are at a pivotal moment in the ongoing development of
Wressle and the next step is expected to deliver net oil production
to Union Jack of 200 barrels per day and materially improve our
cash flow profile and profitability".
For further information, please contact:
Union Jack Oil plc info@unonjackoil.com
David Bramhill
SP Angel Corporate Finance LLP +44 (0)20 3470 0470
Nominated Adviser and Broker
Richard Morrison
Richard Hail
Caroline Rowe
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