Union Jack Oil PLC Wressle Well Test Update (5279J)
August 24 2021 - 2:00AM
UK Regulatory
TIDMUJO
RNS Number : 5279J
Union Jack Oil PLC
24 August 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.
24 August 2021
Union Jack Oil plc
("Union Jack" or the "Company")
Wressle Well Test Update
Union Jack Oil plc (AIM: UJO), a UK focused onshore hydrocarbon
production, development and exploration company is pleased to
provide a positive update on the extended well test operations at
the Wressle Oilfield development ("Wressle"), located within
licences PEDL180 and PEDL182 in North Lincolnshire, on the Western
margin of the Humber Basin.
Union Jack holds a 40% economic interest in this
development.
Further to the announcement on 29 July 2021, the coiled tubing
operation has been completed safely and successfully and the
Ashover Grit reservoir has been returned to flow under well test
conditions.
Initial well test measured flow rates, under a restricted choke,
have exceeded 500 barrels of oil per day which was the forecast
rate following the proppant squeeze operation.
The Wressle-1 well is continuing to clean up and has not yet
reached its optimum potential.
A further update will be provided once a stabilised oil flow
rate is established in the coming weeks.
Executive Chairman of Union Jack, David Bramhill commented: "I
am, of course, delighted with the outcome of the proppant squeeze
operation which has enabled the Wressle-1 discovery to deliver the
expected production rate of 500 barrels of oil per day from the
Ashover Grit reservoir, the lowest reservoir interval in the
original discovery well.
"At a full production rate of 500 barrels of oil per day,
Wressle, at current oil prices would transform the economics of the
Company with a materially positive impact on our revenues and
operating cashflow.
"Union Jack Management are of the opinion that Wressle is still
at a very early stage in its development and that considerable
upside potential remains given the higher Wingfield Flags and
Penistone Flags reservoirs, that are not part of this test
programme, have both already demonstrated their ability to flow oil
to surface during testing of the original discovery well, as well
as other opportunities within the licence areas.
"We would like to thank Egdon Resources' (Operator) and their
contractors who have contributed to this landmark achievement in
obtaining deliverability for the Wresssle Joint Venture and look
forward to reporting further details once a stabilised flow rate
from the Ashover Grit reservoir is achieved in the coming
weeks."
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 52 years of international oil and gas
industry experience. Graham Bull 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.
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
Novus Communications Ltd +44 (0)20 7448 9839 /
Twitter:@NovusComms
Financial Public Relations
Alan Green/Jacqueline Briscoe
Cassiopeia Services Ltd +44 (0)7949 690 338
Public Relations
Stefania Barbaglio
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END
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