, a UK focused onshore hydrocarbon production, development, and exploration company, released a positive update today on their Biscathorpe-2 appraisal well in PEDL253, in which Union Jack has a 22% licence interest.
A conductor rig will be mobilised to set surface casing following completion of site construction, expected in the next few days. Next month, a drilling rig is expected to be mobilised with well completion expected in mid-February 2019.
The geological chance of success at Biscathorpe-2 is 40% with 14 million barrels of oil in mean prospective resources.
David Bramhill, Executive Chairman of Union Jack, expressed optimism as the project moves forward: “The company’s economic modelling of the Biscathorpe Prospect highlights its attractiveness and shows a pre-drill value for the success case of circa £24 million net to Union Jack.”
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