Union Jack Oil to drill West Newton well imminently

Francesca Morgan
RNS Newswire
10:29, 18th August 2020

Union Jack Oil (AIM: UJO)  FOLLOW told investors that construction work has now been completed on the West Newton B-1 well and that drilling operations will commence shortly.  

Union Jack holds a 16.665% interest in PEDL183, containing the conventional West Newton A-1 discovery well and the successful West Newton A-2 appraisal well. 

The programme will kick-start with conductor drilling down to a depth of around 80 metres into the Cretaceous chalk where casing will be set before the main drill rig is mobilised to the site. UJO will drill the main borehole to a depth of around 2000 metres.  

Drilling operations will continue for 24 hours a day and for six to ten weeks. 

Once completed, the drilling rig will be demobilised from the site and the information will inform a subsequent programme of well testing “which will establish productive capability and any future drilling operations,” the company highlighted to investors. 

Shares in Union Jack Oil have climbed gradually over the past three months and were trading 3.33% higher at 0.305p on Tuesday morning. 

UJO price chart

Union Jack Oil has seen significant progress at the West Newton B drilling site in recent months despite the challenges faced as a result of the Covid-19 pandemic. 

The WNB-1 well has the dual objective of appraising the significant discovery made in the Kirkham Abbey formation, as well as evaluating the deeper and potentially substantial Cadeby prospect, in a more optimal location than was encountered at the WNA-2 well. 

The well’s last re-evaluation put estimated oil in place in the Kirkham Abbey reservoir at between 146.4 million barrels in a base case and 238 million barrels in an upside case. 

Union Jack holds a 16.665% interest in PEDL183 containing the West Newton A-1 and the West Newton A-2 appraisal well discoveries and the Operator is Rathlin UK Limited. 

Follow News & Updates from Union Jack Oil here:  FOLLOW

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