42: David Bramhill, Executive Chairman of Union Jack Oil PLC (LON:UJO)
June 17, 2019
Discovery Potentially Largest UK Onshore Gas Field.
Union Jack Oil plc (AIM: UJO), a UK focused on-shore hydrocarbon production, development and exploration company is pleased to announce positive preliminary results in respect of the recently drilled West Newton A-2 conventional appraisal well, located within PEDL 183 and operated by Rathlin Energy (UK) Limited. Union Jack holds a 16.665% interest in this licence containing the West Newton A-1 discovery well and West Newton A-2 appraisal well.
· Successful appraisal of onshore UK discovery, with both gas and liquid hydrocarbon volumes, encountered
· Preliminary data suggests West Newton 2C Contingent Resources* is at least the pre-drill estimate of 189 Bcf (Billion Cubic Feet of Gas), the equivalent of 31.3mmbo (million barrels of oil)
· West Newton is potentially the largest UK onshore gas field and potentially the largest hydrocarbon discovery onshore UK since 1973, subject to further testing
· West Newton is near Hull where there is an abundance of production infrastructure
· Permitting in place for Extended Well Test planned for Q3 2019
· Deeper exploration target in the Cadeby formation encountered hydrocarbon shows with an oil saturated core