TIDMUJO
RNS Number : 8624O
Union Jack Oil PLC
13 October 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.
13 October 2021
Union Jack Oil plc
("Union Jack" or the "Company")
West Newton Well Test Operations Update
Updated Volumetrics of Oil and Gas in-Place
Union Jack Oil plc (AIM: UJO), a UK focused onshore hydrocarbon
production, development and exploration company, is pleased to
announce an update in respect of the West Newton A-1, A-2 and B-1z
discovery wells as part of the Extended Well Test ("EWT")
programme, accompanied by an updated estimated best estimate
in-place oil and gas volumetrics of the Kirkham Abbey reservoir
within the West Newton, Ellerby, Spring Hill and Withernsea areas
of PEDL183.
Highlights
-- Thick Kirkham Abbey reservoir development
- WNA-1 - 75 metres measured thickness (1,819-1,894 metres)
- WNA-2 - 66.5 metres measured thickness (1,714-1,780.5 metres
- WNB-1z - 68 metres measured thickness (1,748-1,816 metres)
-- Liquid hydrocarbons recovered to surface
- WNA-1 - sample analysis of oil shows 41 degree API
- WNA-2 - light oil/condensate recovered to surface, specific
gravity (SG) 0.804, 44 degree API, analysis pending
- WNB-1z- liquid hydrocarbons recovered to surface, geochemical
fingerprint shows similarities to WNA-1 analysis
-- Good quality gas recovered and incinerated at surface from WNA-2 and WNB-1z wells
- Consistent between WNA-1, WNA-2 (awaiting further analysis) and WNB-1z
- Methane content +/- 90%, Ethane +/- 4.5% with heavier ends present
The results of the recent EWTs have confirmed that the WNA-1,
WNA-2 and WNB-2 wells are substantial hydrocarbon discoveries
within the Kirkham Abbey formation.
Gas and light oil/condensate were recovered to surface from both
the WNA-2 and WNB-1z wells and multiple samples have been gathered
for geochemical analysis which is currently underway.
The large suite of data accumulated during the EWTs, including
downhole logs, pressure geochemical and core analysis and VSP
(Vertical Seismic Profile) will be used to progress a reservoir
modelling study to determine the optimum production design for the
Kirkham Abbey reservoir.
Over the coming weeks, a number of external studies will be
conducted, encompassing a wide range of potential reservoir
stimulation treatments, the results of which could be applied to
the West Newton series of wells, in order to achieve optimum flow
rates.
The Operator has produced an update of the best estimate (gross)
in-place hydrocarbons within the Kirkham Abbey formation at West
Newton. In addition, across the 176,000 acre PEDL183 licence area,
the Operator has generated best estimate (gross) in-place
hydrocarbons over several other material prospects on trend with
the West Newton discoveries, and volumetric data for the Ellerby,
Spring Hills and Withernsea prospects is also presented below.
Best Estimate (Gross) In-Place Hydrocarbon Volumes
Liquids STOIIP Gas GIIP
-------------------------
(mm bbl) (bcf)
------------------------- --------------- ---------
West Newton Discoveries 113.6 50.6
Ellerby Prospect 115.3 51.3
Spring Hill Prospect 80.9 36.0
Withernsea Prospect 102.5 45.6
412.3 183.5
In-place hydrocarbon volumes above are Operator data produced by
experienced industry professionals but are not to a recognised
industry standard. The totals in the table above are shown for
guidance only.
David Bramhill, Executive Chairman of Union Jack, commented:
"The results from West Newton confirm substantial conventional
onshore hydrocarbon discoveries.
"The Operator's updated analysis of the best estimate in-place
hydrocarbon volumes, aggregated across West Newton and the three
largest prospects, highlights a significant proportion are
liquids.
"In order to unlock the value potential at West Newton and
across the PEDL183 licence, over the coming weeks a number of
external studies will be conducted, encompassing a wide range of
potential reservoir stimulation treatments, the results of which
could be applied to the West Newton series of wells in order to
achieve optimum flow rates."
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. 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.
About PEDL183
PEDL183 covers an area of 176,000 acres and is situated in East
Yorkshire, within the Southern Permian Basin. Union Jack holds a
16.665% interest in this licence, which contains the West Newton
A-1, A-2 and B-1z discoveries.
In the United Kingdom, the carbonates of the Southern Permian
Basin have targeted and produced onshore and offshore in the
Southern North Sea Gas Basin. These carbonates have been
extensively explored and produced onshore in the Netherlands,
Germany and Poland, which provide several direct analogues for
PEDL183 and West Newton.
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
Glossary
Stock tank oil initially The total amount of crude oil present in a
in-place hydrocarbon reservoir before the commencement
("STOIIP") of any production. STOIIP includes a quantity
of petroleum that is estimated, as of a given
date, to be contained in known accumulations,
prior to production, plus those estimated
quantities in accumulations yet to be discovered.
A portion of the STOIIP is considered undiscovered
and there is no certainty that any portion
of such undiscovered resources will be discovered.
If discovered, there is no certainty that
it will be commercially viable to produce
any portion of such undiscovered resources.
With respect to the portion of the STOIIP
that is considered discovered resources, there
is no certainty that it will be commercially
viable to produce any portion of such discovered
resources.
Gas initially in-place An estimated measure of the total amount of
("GIIP") gas contained in a reservoir before any extraction
or production and, as such, a higher figure
than Recoverable Gas.
mm bbl million barrels of hydrocarbon liquids
bcf billion cubic feet of gas
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
UPDGPGRWUUPGGMP
(END) Dow Jones Newswires
October 13, 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
