TIDMUJO
RNS Number : 3720M
Union Jack Oil PLC
21 September 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.
21 September 2021
Union Jack Oil plc
("Union Jack" or the "Company")
Wressle Update PEDL180 and PEDL182
Union Jack Oil plc (AIM: UJO), a UK focused onshore hydrocarbon
production, development and exploration company is pleased to offer
a highly encouraging update in respect of ongoing operations at the
Wressle hydrocarbon 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.
Highlights
-- Instantaneous flow rates from the Ashover Grit reservoir of
884 barrels of oil per day ("bopd") achieved on a significantly
restricted choke setting (30.5/64ths of an inch) with high wellhead
flowing pressure
-- 480,000 cubic feet of gas produced per day (circa 80 barrels of oil equivalent per day)
-- In excess of 950 barrels of oil equivalent per day achieved
-- Full flow potential of Wressle remains to be fully tested
-- Zero water cut
-- Revision to the Environmental Permit received, enabling the
installation of a combustion plant to facilitate gas to electric
generation
-- Leading energy consultancy, Gaffney Cline & Associates
("GaffneyCline") commissioned by Union Jack to prepare an updated
Competent Persons Report
-- Since being returned to production on 19 August 2021, Wressle
has generated in excess of US$480,000 net in revenues to Union
Jack
Wressle has continued to exceed production expectations since
the successful completion of the coiled tubing operations on the 19
August 2021, instantaneous flow rates in excess of 884 barrels of
oil per day ("bopd") along with 480,000 cubic feet of gas (c. 80
barrels of oil equivalent per day) have been achieved from the
Ashover Grit reservoir on a significantly restricted choke setting
(30.5/64ths) with high wellhead flowing pressure. Zero formation
water has been seen as the well continues to clean up.
Excellent flow rates are currently being recorded, however, the
full flow potential of the well remains to be fully tested due to
constraints being experienced due to the scope of the gas handling
equipment currently being used on site.
The forward plan is to upgrade the gas handling equipment to
enable increased production volume and complete the testing of the
well's full potential before defining a plateau production rate,
matching the well behaviour to the permanent facilities, long term
operational objectives and prudent reservoir management.
GaffneyCline
GafffneyCline is an international energy consultancy, which has
been operating worldwide since 1962. GaffneyCline focuses solely on
the petroleum and energy industry, specialising in the provision of
policy, strategy, technical and commercial assistance to
governments, financial institutions and national and international
oil, gas and energy companies worldwide. The provision of Energy
Transition advice and Carbon Intensity Assessment have recently
been added as a core component of GaffneyCline`s international
business (www.gaffneycline.com).
Executive Chairman of Union Jack, David Bramhill, commented:
"The Wressle well test operations continue to comfortably exceed
our expectations, with instantaneous rates of over 950 barrels of
oil equivalent per day achieved to date.
"Wressle is rapidly demonstrating its deliverability and the
results achieved so far augur well for the future and this
development is set to become a major contributor in the Company's
quest to achieve mid-tier status in due course.
"Current production rates indicate that Wressle is currently the
second largest producing oilfield, in terms of daily production, in
onshore UK after Wytch Farm, and we are confident that the well has
materially more to offer during 2021 and beyond.
"The revision of the Environmental permit now facilitates the
potential of an additional revenue stream from electricity
generation in due course.
"In light of the excellent well delivery performance we have
seen, we await with keen interest the results of the updated
GaffneyCline Competent Persons Report."
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 signed off by Graham Bull,
Non-Executive Director, who has over 46 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@unionjackoil.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
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDDKKBBABKDCCB
(END) Dow Jones Newswires
September 21, 2021 02:00 ET (06:00 GMT)
Union Jack Oil (LSE:UJO)
Historical Stock Chart
From Mar 2024 to Apr 2024
Union Jack Oil (LSE:UJO)
Historical Stock Chart
From Apr 2023 to Apr 2024
