UJO update30 Jan 2026 07:10
Morning all, these are two excerpts from the UJO update today regarding W.N .
West Newton Development (PEDL183 - 16.665% interest)
West Newton is situated onshore UK, north of the River Humber, encompassing the town of Beverley, East Yorkshire. The licence area is within the western sector of the Southern Zechstein Basin.
The West Newton drilling programmes have yielded substantial hydrocarbon discoveries within the Kirkham Abbey formation and an independent resource assessment by RPC indicates the presence of a contingent resource of 198 billion cubic feet of gas.
The Company`s technical team has further identified targets within the licence area which indicate volumetrically significant prospective gas resources in an untested formation.
The operator, Rathlin Energy (UK) Ltd ("Rathlin") has an ambitious work programme planned for this project during 2026, subject to receipt of regulatory consents.
David Bramhill, Executive Chairman of Union Jack, commented: "Union Jack holds numerous valuable assets on both sides of the Atlantic.
"The potential revenues from an expansion at Wressle and a development at West Newton are expected to be material to the Company. I have no doubt that the current attitude towards fossil fuels will change for the better in the UK and it is a waiting game for the significant commercial and strategic costs of the energy transition to become evident compared to the many merits of maintaining and encouraging domestic oil and gas production.