RNS17 Apr 2018 08:04
RNS Number : 0908L
Union Jack Oil PLC
17 April 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
17 April 2018
Union Jack Oil plc
("Union Jack" or the "Company")
Positive Workover Results from Fiskerton Airfield
Wressle Planning Application Update
New Corporate Presentation
Union Jack Oil plc (AIM: UJO), a UK-focused onshore hydrocarbon production, development and exploration company is pleased to announce positive initial production results from the recent well workover programme designed to increase production at the Fiskerton Airfield Oilfield (EXL294-UJO: 20%), a progress update on planning and associated works in respect of the Wressle field development (PEDL180 and P182-UJO: 15%) and a new Corporate Presentation available on the Company's website (www.unionjackoil.com).
Fiskerton Airfield Oilfield
Union Jack acquired a 20% economic interest in EXL294 containing the Fiskerton Airfield Oilfield ("Fiskerton"), located approximately seven miles East of the City of Lincoln, in November 2017.
Fiskerton represented an opportunity for the joint venture partners to enhance its cash flows and profitability because of prior underinvestment. Following its acquisition, the joint venture partners planned to increase production initially via low cost well interventions including the installation of new tubing, pumps and the isolation of water producing zones. To that end, workovers of two wells, FA-3 and FA-1, were successfully completed in the period January to March 2018.
Production operations have now resumed at Fiskerton and initial field production, prior to further optimisation and operations during the coming months including the increasing of the pumping rate, is approaching 30 barrels of oil per day ("bopd") gross of good quality oil (35.2° API gravity), a significant increase on the pre-workover rate of 16 bopd gross.
Oil production since resumption of operations to date has exceeded 1,250 barrels gross and oil is being sold and transported by road tanker to a refinery at Immingham, North East Lincolnshire.
Wressle Planning Update and Operations
Union Jack holds a 15% interest in PEDL 180 and 182 which contain the Wressle oil discovery, located in Lincolnshire on the Western margin of the Humber Basin, that the joint venture partners plan to develop at an initial constrained output of 500 bopd gross.
In January 2018, and following the appeal process, the operator announced its intention to submit two new applications to the North Lincolnshire Council:
1. an application to extend the existing planning consent for a further year; and
2. the application of a revised Wressle field development plan that will specifically address the points raised by the Plan
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