Union Jack Oil PLC West Newton Update and Investor Presentation (7157D)
June 27 2019 - 11:23AM
UK Regulatory
TIDMUJO
RNS Number : 7157D
Union Jack Oil PLC
27 June 2019
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement
27 June 2019
Union Jack Oil plc
("Union Jack" or the "Company")
West Newton Update and Investor Presentation
Union Jack Oil plc (AIM: UJO), a UK focused on-shore hydrocarbon
production, development and exploration company notes that Rathlin
Energy (UK) Limited ("Rathlin"), the operator of PEDL 183, today
communicated the following to local residents as part of its
participation in the West Newton Community Liaison group. Union
Jack holds a 16.665% interest in this licence containing the West
Newton A-1 discovery well and the recently successful West Newton
A-2 conventional appraisal well.
Rathlin included the following statements in its communication
to local residents:
"Rathlin Energy (UK) Limited has recently completed the drilling
operations at the West Newton A site. The West Newton A-2 well was
drilled to a total depth of 2,061 m MD into the top of the
Westphalian Coal Measures. 28 metres of core was cut and recovered
from the primary objective Kirkham Abbey reservoir and wireline
logs were also acquired over the formation. The well has been cased
and cemented to total depth and has been temporarily suspended,
pending further evaluation.
"The drilling rig and associated equipment have been demobilised
from the site. Fosham Road/Piper's Lane, and the associated
footpaths, have been re-opened to the public.
"The information acquired while drilling is currently being
analysed to inform a well testing programme. Planning permission is
in place for an extended well test. Any proposed testing programme
would involve much less equipment on site than that required for
the drilling programme.
"Recent articles in the local media and market releases from
Rathlin's partners describing potentially the largest onshore
hydrocarbon discovery since 1973, have many people in the local
area naturally wanting to understand what the development of a
commercial oil or gas field in the area might involve.
"We believe that speculating on the nature and size of a
commercial development is premature at this stage, but early signs
are encouraging. Firstly, the West Newton A-2 well must be
completed and tested to gauge the productive potential for oil or
gas from the Kirkham Abbey reservoir.
"Secondly, following the testing of the West Newton A-2 well,
additional drilling at a new site (West Newton B) will be
undertaken to establish the areal extent and continuity of the
reservoir formation.
"Oil and gas, by their nature, would have different implications
in terms of any potential development.
"Gas is typically gathered from wellsites and delivered by
underground pipelines to local facilities or the national grid. Oil
or other produced fluids may be trucked from sites to local
facilities.
"The number and location of potential sites and number of wells
per site required to develop a field would depend on a number of
factors including East Riding planning permissions, Environment
Agency permits, development plan approval by the Oil and Gas
Authority, surface factors such as the location of residences,
businesses and road networks and subsurface factors such as
reservoir areal extent and effective reservoir drainage.
"Until the West Newton A-2 well is tested and we have an
understanding of its productive capability it is premature to
speculate on what any potential development may involve.
Once the testing operation commences it will take approximately
4-8 weeks. During operations the site will be manned by both
operational and security personnel.
"Once test results are available and have been analysed, we will
update our local neighbours and discuss the implications of those
test results.
"At this time, Rathlin's planning permissions and EA permits
allow for testing the wells at the West Newton A site. Any further
drilling or production is not permitted and has not been applied
for. Current planning permission and EA permits for the West Newton
B site allow for site construction, drilling and testing of 2
wells. Additional drilling or production is not permitted and has
not been applied for."
Union Jack Investor Presentation
Further details on PEDL183 and the West Newton gas discovery can
be found in the investor presentation that will be used in an
investor event starting at 18:30 today and will shortly be made
available on the Union Jack website at www.unionjackoil.com.
For further information, please contact:
Union Jack Oil plc +44 (0)7787 160 682
David Bramhill
SP Angel Corporate Finance LLP +44 (0)20 3470 0470
Nominated Adviser and Broker
Lindsay Mair
Richard Hail
Cassiopeia Services Ltd +44 (0)7949 690 338
Public Relations
Stefania Barbaglio
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London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
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contact rns@lseg.com or visit www.rns.com.
END
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