RE: ujo meeting notes15 Jun 2019 14:49
http://unionjackoil.com/wp-content/uploads/2012/11/SP_Angel_UJO_201810.pdf
With the addition of the West Newton licences, there has been a quantum shift in the size of the Company’s exploration targets. The Company now has eight exploration targets, excluding its shale positions. Appraisal25 – 55%The addition of West Newton to the appraisal portfolio is a significant milestone, not least because of at 0.58mm bbl & 184bcf, its size (5.48mm boe net to UJO), effectively doubles its existing 2C Contingent Resources. Development55 – 85%With Wressle effectively in hiatus at the production stage, the Company has nothing at the development stage. However, a successful test on one of Biscathorpe or West Newton, allied with a more supportive planning environment in these assets’ locations, means that they are likely to be swiftly migrated into development.Production85 – 100%While Keddington and Fiskerton are the only assets in production, Wressle is awaiting approval before the delivery of first oil. We currently estimate that the appeals process and final approval will precipitate Wressle commissioning in 2020.