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21 September 2021
Union Jack Oil plc
("Union Jack" or the "Company")
Wressle Update PEDL180 and PEDL182
Union Jack Oil plc (AIM: UJO), a UK focused onshore hydrocarbon production, development and exploration company is pleased to offer a highly encouraging update in respect of ongoing operations at the Wressle hydrocarbon development ("Wressle"), located within licences PEDL180 and PEDL182 in North Lincolnshire, on the Western margin of the Humber Basin.
Union Jack holds a 40% economic interest in this development.
Highlights
· Instantaneous flow rates from the Ashover Grit reservoir of 884 barrels of oil per day ("bopd") achieved on a significantly restricted choke setting (30.5/64ths of an inch) with high wellhead flowing pressure
· 480,000 cubic feet of gas produced per day (circa 80 barrels of oil equivalent per day)
· In excess of 950 barrels of oil equivalent per day achieved
· Full flow potential of Wressle remains to be fully tested
· Zero water cut
· Revision to the Environmental Permit received, enabling the installation of a combustion plant to facilitate gas to electric generation
· Leading energy consultancy, Gaffney Cline & Associates ("GaffneyCline") commissioned by Union Jack to prepare an updated Competent Persons Report
· Since being returned to production on 19 August 2021, Wressle has generated in excess of US$480,000 net in revenues to Union Jack
Wressle has continued to exceed production expectations since the successful completion of the coiled tubing operations on the 19 August 2021, instantaneous flow rates in excess of 884 barrels of oil per day ("bopd") along with 480,000 cubic feet of gas (c. 80 barrels of oil equivalent per day) have been achieved from the Ashover Grit reservoir on a significantly restricted choke setting (30.5/64ths) with high wellhead flowing pressure. Zero formation water has been seen as the well continues to clean up.
Excellent flow rates are currently being recorded, however, the full flow potential of the well remains to be fully tested due to constraints being experienced due to the scope of the gas handling equipment currently being used on site.
The forward plan is to upgrade the gas handling equipment to enable increased production volume and complete the testing of the well's full potential before defining a plateau production rate, matching the well behaviour to the permanent facilities, long term operational objectives and prudent reservoir management.
GaffneyCline
GafffneyCline is an international energy consultancy, which has been operating worldwide since 1962. GaffneyCline focuses solely on the petroleum and energy industry, specialising in the provision of policy, strategy, technical and commercial assistance to governments, financial institutions and national and international oil, gas and energy companies worldwide. The provision of Energy Transition advice and Carbon Intensity Assessment have
Very exciting that the original equipment has been maxed out.
"The forward plan is to upgrade the gas handling equipment to enable increased production volume and complete the testing of the well's full potential before defining a plateau production rate, matching the well behaviour to the permanent facilities, long term operational objectives and prudent reservoir management."
Nature/well integrity/optimal flow rate will decide. Fortunately no water. Could you imagine some one some where saying right you can do 500 bopd and flood/collapse the well. LOL.
They would't spend money upgrading the site for any other reason than a calculated and anticipated good return.
Plenty of oil/gas and data to justify the spend.
Great buying opportunity at the moment although some will always want in for even less. I think this must surly be about as good as it is going to get to buy in.( I hope). Plenty of upside from here anyway I would say.
If there were any thing bad they would have to RNS. All still going to plan then. Let us all stay strong and keep the faith.
Another day closer to news. Genuinely sorry for any sellers. Bring on the reversal I say. When this moves back up I expect NT for small amounts on news.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014
as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in
accordance with the Company`s obligations under Article 17 of MAR.
27 October 2021
Union Jack Oil plc
("Union Jack" or the “Company")
Wressle Update and US$1,000,000 Net Revenues Landmark Reached
Union Jack Oil plc (AIM: UJO) a UK focused onshore hydrocarbon production, development and
exploration company, is pleased to offer an update in respect of ongoing operations and landmark net
revenues at the Wressle hydrocarbon development (“Wressle”), located within licences PEDL180 and
PEDL182 in North Lincolnshire, on the western margin of the Humber Basin.
Union Jack holds a 40% economic interest in this development.
Highlights
• Landmark US$1,000,000 net revenues generated to Union Jack since re-commencement of
production on 19 August 2021
• Current daily production figures well in-excess of prognosed 500 barrels of oil per day from
the Ashover Grit reservoir
• Elevated production rates maintained during well test on significantly restricted choke setting
and sustained high flowing wellhead pressure
• Well is producing under natural flow
• Clean up continuing and full potential yet to be achieved
• Zero water cut
• Staged site upgrades have commenced
• Wressle production highly profitable at current oil prices
• Further development and production at Wressle can be achieved from the Wingfield Flags and
*****tone Flags formations
• Gaffney Cline Competent Person’s Report commissioned by Union Jack ongoing
Executive Chairman of Union Jack, David Bramhill, commented: “The net revenues exceeding
US$1,000,000 within a relatively short timeframe is financially transformational for Union Jack.
“Our acquisition of further interests in Wressle over the last couple of years from just 8.33% to being
the major equity holder with 40% is now showing material results and gives us increased confidence
that the Company is set to deliver on its aim to become a self-sustainable entity in due course.
“Union Jack has four cash generating projects within its balanced portfolio and revenues for year end
2021 are guaranteed to eclipse those reported upon in 2020 and for the six months ended 30 June
2021.
“We believe that Wressle holds considerable further upside and we look forward to reporting on
progress in due course.”
Credit Lee Bart Twitter.
https://twitter.com/leedbartz/status/1463824244576501761/photo/1
Looks as though things progressing at West Newton.
Credit : Lee Bart Twitter
https://twitter.com/leedbartz/status/1463821819358679043/photo/1
#UJO West Newton A Environmental Permit Application has just been advertised on the GovUK site.
West Newton is far from dead Thumbs upSmiling face with smiling eyes
#WestNewton #PEDL183 #Oil #Gas
https://gov.uk/government/publications/hu11-5da-rathlin-energy-uk-limited-environmental-permit-application-advertisement-eprbb3001ftv005
If the market has got wind of impending bad news such as the well at Wressle has collapsed or stopped producing for any other reason than testing there would have to be an RNS.
42p down to 14p Some body knows something for this blood bath to have happen. Carnage plain and simple.
Well it would appear the market is aware of something we shareholders are not aware of.
Another leek bad CPR or something else. Total carnage and a blood bath.
With out spouting yet again all the well known positives of UJO I can find no reason for this.
However it is what it is !
PASS !
Thanks to Ruth Hayhurst on Twitter. 50% to UJO.
https://drillordrop.com/2021/11/23/egdon-to-seek-third-time-extension-for-oil-drilling-at-north-kelsey/
Hello MRPlumper, I do believe there will be a will to do so within the partner group. There is a fabulous case to be proven at Wressle given the information already gathered, and I suspect that all involved would like to get this news into the market as soon as possible as it would be in their individual companies vested interest to do so, Before moving on with other matters. e.g Side track.
So yes I think so.
.75 old money, Madness. This is Christmas come early for any buyers surly. I can't wait to read the CPR RNS.
This surly is how fortunes are made on the stock market. Even the directors haven't got any at this price. I don't in fact think many people have, going on the volume/trades.
As they say, He who dares wins and all that.
Any body getting in at this price is very fortunate. Yet the MM are happy to let people have them. Margin I guess MMM.
Fill your boots I say. SP will recover. This should be explosive. Truly fascinating. Really is. Bonkers !