Last checked at 16 Mar 2023 07:00
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.
16 March 2023
Union Jack Oil plc
("Union Jack" or the "Company")
Wressle Update - Community Liaison Group Meeting
Union Jack Oil plc (AIM: UJO) a UK focused onshore hydrocarbon production, development and exploration company is pleased to provide an update on operations at the Wressle oilfield presented by Egdon Resources plc ("Egdon") at the Community Liaison Group ("CLG") meeting held on the evening of 15 March 2023.
Union Jack holds a 40% economic interest in PEDL180 and PEDL182 containing the Wressle development.
At the meeting the following information was shared with members of the CLG:
Operations
· The Wressle-1 well has continued to flow oil and associated gas at production rates above forecast expectations made ahead of the successful Proppant Squeeze operation, conducted in August 2021
· Total production from Wressle has now exceeded 390,000 barrels of oil
· No water has been produced to date
· Three microturbines were connected during January and February and are now fully operational
· An extended period of fine tuning and testing of the microturbines to determine the impact on production is currently ongoing
· The Environment Agency continues to monitor Egdon's production operation through regular visits to the Wressle site, the most recent being on the 22 February 2023, with no issues identified by the Regulator
· There have been no accidents or spillages since the start of production on the Wressle site
· Groundwater and surface water monitoring has continued and latest results up to end December 2022, have been published on Egdon's newly revamped community website
Forward Plan
· During the second half of 2022, Egdon undertook an exercise to reprocess the 3D seismic data over the field
· The new data has been interpreted and mapped with the objective of identifying reservoir targets for drilling an additional well/wells at the earliest opportunity, subject to receipt of regulatory approval
· The next new well/wells will likely be drilled from the existing Wressle wellsite
· A new Competent Person`s Report has been commissioned incorporating the new field interpretation and production performance data. This will consider all oil and gas bearing formations at Wressle
Community Fund
· The Wressle Community Fund has been operating since early 2022
· In August 2022, the operation of the fund was transferred to Broughton Community and Sports Association (BCSA) which runs the fund to meet the needs of local charities and community groups
· Groups which are outside the remit of the BCSA can still apply directly to Egdon for funding from a smaller pot which is retained to meet these needs
· The Wressle Partners are making £100,000 a year available to local groups though these two funding pots
· The first of three windows per year for the Wressle Community Grant closed on 31 December 2022, with 12 applications received amounting to £42,029.60
· The Wressle Partners provided additional funding of c. £5,500 to allow all eligible applications to be granted
For further information, please contact:
Union Jack Oil plc info@unionjackoil.com
David Bramhill
SP Angel Corporate Finance LLP +44 (0)20 3470 0470
Nominated Adviser and Joint Broker
Kasia Brzozowska
Matthew Johnson
Richard Hail
Shore Capital +44 (0)20 7408 4090
Joint Broker
Toby Gibbs
Iain Sexton