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Union Jack Regulatory News (UJO)



Regulatory News for Union Jack (UJO)


Share Price: 0.11Bid: 0.105Ask: 0.115Change: 0.00 (0.00%)No Movement on Union Jack
Spread: 0.01Spread as %: 9.52%Open: 0.11High: 0.11Low: 0.105Yesterday’s Close: 0.11





Completion of West Newton Farm-In

Mon, 3rd Dec 2018 07:00

RNS Number : 1406J
Union Jack Oil PLC
03 December 2018

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

3 December 2018

Union Jack Oil plc

("Union Jack" or the "Company")

Completion of Farm-in to PEDL183 Containing the Significant West Newton Gas Discovery

The Directors of Union Jack Oil plc (AIM: UJO) are pleased to announce that the Company has received written consent from the Oil and Gas Authority, satisfied all conditions precedent, and has now completed the Farm-in with Rathlin Energy (UK) Limited for a 16.665% licence interest in PEDL183, containing the significant West Newton A-1 UK onshore gas discovery.

Farm-in Highlights

· Best Estimate Contingent Resources of 189 Bcf of gas equivalent or 31.5 million barrels of oil equivalent (gross) assigned to the West Newton A-1 discovery in a Competent Persons Report

· Drill-ready conventional appraisal well planned to be drilled in Q1 2019 and fully funded from existing cash resources

· Operator's NPV10% of US$247 million and 52.5% ROR for the gas discovery alone

· Attractive acquisition metrics of less than US$0.30 per barrel of oil equivalent for the gas discovery alone

· Considerable upside potential from the lower Cadeby Reef oil exploration target underlying the gas reservoir that will also be drilled, with Best Estimate Prospective Resources of 79.1 million boe (gross)

David Bramhill, Executive Chairman of Union Jack, commented:

"We are pleased to complete the Farm-in to PEDL183, containing the material West Newton gas discovery that represents a significant and compelling project for Union Jack.

"The drilling of the West Newton conventional appraisal well is currently planned for Q1 2019 and will follow the planned commencement of drilling of the conventional Biscathorpe-2 appraisal well on PEDL253 by year end 2018 in which Union Jack holds a meaningful 22% licence interest. Both wells are fully permitted and success at either would deliver a material onshore gas or oil development project respectively, with either being transformational for Union Jack.

"The completion of the West Newton Farm-in puts Union Jack in a stronger position to deliver growth in reserves, production and asset value while adhering to our principles of strict financial and technical disciplines.

"We look forward to keeping the market updated on the impending commencement of drilling of the high-impact appraisal wells at Biscathorpe-2 and at West Newton."

The interests held in PEDL183 are as follows:

Rathlin Energy (UK) Limited (Operator)

66.67%

Union Jack Oil plc

16.665%

Humber Oil & Gas Limited

16.665%

For further information, please contact:

Union Jack Oil plc

+44 (0)7787 160 682

David Bramhill

SP Angel Corporate Finance LLP

+44 (0)20 3470 0470

Nominated Adviser

Lindsay Mair

Richard Hail


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.
END
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Related Shares:
Union Jack Oil (UJO)




DateSourceHeadlineCategory
07-Dec-18 11:52RNSTR-1: Notification of Major Interest in SharesHolding(s) in Company
06-Dec-18 11:30RNSBiscathorpe Drilling UpdateResults and Trading Reports
05-Dec-18 10:05RNSTR-1: Notification of Major Interest in SharesHolding(s) in Company
04-Dec-18 10:43RNSTR-1: Notification of Major Interest in SharesHolding(s) in Company
04-Dec-18 07:00RNSDirectorate Change and Grant of OptionsExecutive Changes
03-Dec-18 07:00RNSCompletion of West Newton Farm-InCompany Announcement - General
28-Nov-18 16:15RNSWressle Planning DecisionCompany Announcement - General
22-Nov-18 07:00RNSWressle UpdateCompany Announcement - General
20-Nov-18 07:00RNSDirector/PDMR ShareholdingDirectors' Dealings
15-Nov-18 15:46RNSWest Newton-A Wellsite Planning UpdateCompany Announcement - General
07-Nov-18 07:00RNSGrant of OptionsDirectors' Dealings
05-Nov-18 07:00RNSWest Newton Farm-in Agreement SignedCompany Announcement - General
31-Oct-18 11:00RNSPrice Monitoring ExtensionCompany Announcement - General
31-Oct-18 07:00RNSTotal Voting RightsHolding(s) in Company
30-Oct-18 07:00RNS-RBiscathorpe, Wressle and North Kelsey ReferencesCompany Announcement - General
09-Oct-18 07:00RNSTR-1: Notification of Major Interest in SharesHolding(s) in Company
03-Oct-18 07:01RNSDirectors' DealingDirectors' Dealings
03-Oct-18 07:00RNSProposed Farm-in and FundraisingCompany Announcement - General
18-Sep-18 07:00RNSHalf Year ReportResults and Trading Reports
04-Sep-18 07:00RNSHolmwood UpdateCompany Announcement - General
29-Aug-18 09:00RNSBiscathorpe Drilling Timetable and UpdateCompany Announcement - General
14-Aug-18 09:53RNSTR-1: Notification of Major Interest in SharesHolding(s) in Company
01-Aug-18 16:00RNSWressle Planning Extension UpdateCompany Announcement - General
24-Jul-18 07:00RNSHolmwood Planning UpdateCompany Announcement - General
18-Jul-18 07:00RNSGrant of OptionsCompany Announcement - General
05-Jul-18 14:30RNSSubmission of New Wressle Planning ApplicationCompany Announcement - General
04-Jun-18 07:00RNSAcquisition of Additional Interest in WressleMergers, Acquisitions and Disposals
31-May-18 11:47RNSResult of AGMResults and Trading Reports
18-May-18 07:00RNSAcknowledgement of Written Ministerial StatementCompany Announcement - General
15-May-18 07:00RNSWidmerpool Gulf and Humber Basin AcquisitionMergers, Acquisitions and Disposals


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