Executive Chairman of Union Jack David Bramhill, commented: "The GaffneyCline Report reflects a seri13 Sep 2022 08:09
Executive Chairman of Union Jack David Bramhill, commented: "The GaffneyCline Report reflects a serious technical effort over a prolonged period and its content is highly encouraging for the future of the Wressle development.
"GaffneyCline's findings, observations and technical work in respect of the potential upside in respect of the Ashover Grit reservoir have gone a long way in answering our questions regarding future potential upside and prolonged productivity.
"The Illustrative Production Profile indicates robust and material productivity for at least five years and beyond. Should the Deeper Oil-Water Contact potential of the Ashover Grit reservoir become proven, the incremental value of Wressle as a development would be transformational for the Wressle partners.
"The current Reserves at the Ashover Grit and Wingfield Flags in respect of 2P figures according to GaffneyCline stands at 670,000 bbls of oil as at 30 June 2022. This figure is post past production figures of 203,000 bbls of oil, a substantial upgrade to the originally reported recoverable Reserve.
"Union Jack thanks GaffneyCline for their diligence in compiling this excellent, informative, and value adding report."