RNS - Operational Update14 Feb 2018 07:09
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.
14 February 2018
UNION JACK OIL PLC
(AIM: UJO)
Operations Update and New Corporate Presentation
Union Jack Oil plc ("Union Jack" or the "Company"), a UK-focused, onshore oil and gas production and exploration company with a balanced portfolio of twelve licence interests covering conventional production, development and drill-ready appraisal and exploration targets, is pleased to provide an operational update. This update highlights projects that are being evaluated and where near-term news flow is expected.
2018 is expected to see potentially high-impact drilling at Biscathorpe and Holmwood plus a new planning application to be submitted during April 2018 on Wressle. In addition, results are expected from the workover of wells currently underway at the recently acquired Fiskerton Airfield and discussions will commence with the operator to progress potential development plans at the Dukes Wood and Kirklington oil facilities, as well as at the producing Keddington oilfield.
Expected activity during 2018 includes:
· PEDL182 and PEDL180 Wressle Discovery - New planning application to be submitted before end of April 2018: oil production of 500 barrels of oil per day (gross) is expected from this conventional oil development
· PEDL253 Biscathorpe - Partner approval received to drill the high-impact conventional Biscathorpe-2 well during 2018 down dip from the original discovery well
· PEDL143 Holmwood - High-impact conventional exploration well in the Weald basin expected to be drilled during 2018. Located close to important Horse Hill discovery
· EXL294 Fiskerton Airfield Oilfield - Producing oilfield. Workovers currently underway on FA-1 and FA-3 wells. Reprocessing of 3D data will help identify further potential drilling opportunities to increase production
· PEDL118 and PEDL203 Kirklington and Dukes Wood Oilfields - Options to bring these previously producing oilfields back into production are being evaluated
· PEDL005(R) Keddington Oilfield - Possible development plans to increase oil production are being considered
David Bramhill, Executive Chairman of Union Jack commented:
"Union Jack is positioned to deliver ongoing news flow throughout 2018 from our onshore portfolio of producing assets, drill-ready appraisal and exploration targets given our active evaluation programme in today's attractive oil price environment.
"Union Jack is seeing a significant effect on the value of its oil production assets resulting from an improved oil price environment. The oil price also enables us to discuss with our partners methods to expand oil production at the existing Keddington, Fiskerton Airfield,
Sign In
Follow the stocks
