Rudey14 Feb 2018 12:00
look at this bit here ..
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David Bramhill, Executive Chairman of Union Jack, commented: "We are delighted to be able to increase further our position in Wressle to 15% as it is an attractive asset.� The development of Wressle remains subject to receipt of planning permission and environmental permits.� Subject to receipt of these approvals and successfully bringing the project onstream, management expect Wressle to generate meaningful cash flows and transform the financial position of the Company.
When in production, first commercial oil from Wressle-1 is expected to flow at an estimated constrained rate of 500 barrels of oil per day gross converting the Company`s status from a junior explorer into a fully-fledged oil producer.� At $55 oil, management expects the net cash flow generated from Wressle attributable to Union Jack to be significant.� The Board believes that production at Wressle will generate excess cash after accounting for the Company`s on-going working capital obligations.
The future looks bright for Union Jack, holding a nicely balanced portfolio of production, development, appraisal and exploration assets"
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The Wressle-1 Discovery
The Wressle-1 oil and gas discovery is located within PEDL180 and PEDL182, in Lincolnshire, on the western margin of the Humber Basin.
On Extended Well Test the well flowed an aggregate of 710 barrels of oil equivalent per day over three horizons, the Ashover Grit, Wingfield Flags and the *****tone Flags.
The summary details of a Competent Persons Report ("CPR") compiled by ERC Equipoise Limited were published by Union Jack and its partners in respect of Wressle and the Broughton North Prospect on 26 September 2016.
The oil and gas Reserves and Contingent Resources identified by the CPR in aggregate exceed the Operator`s original pre-drill estimates.
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