(AIM: UJO)
Commencement of Drilling Operations at Laughton-1 Well PEDL209
As announced in
Union Jack`s contribution towards the cost of the Laughton-1 well will be financed from the Company`s existing cash resources.
The Laughton-1 well was spudded 12 February. The well will target a structural trap at a depth of over 1,500 metres below ground level defined on reprocessed two-dimensional seismic data.
The Laughton Prospect has multiple conventional Carboniferous sandstone reservoir targets with the primary objective being the Silkstone Rock, an approximately 15 metre thick sandstone interval which is productive in the analogous Corringham Oilfield located five kilometres to the south east.
Two other potential reservoirs, the Kilburn Sandstone and the Wingfield Flags, will also be targeted by the well.
The consolidated mean Prospective Resource volume for the three targets, as calculated by Egdon is estimated to be 1.3 million barrels of oil.
For clarity, the operations at the Laughton wellsite will not, either now or in the future, involve the process of High Volume Hydraulic Fracturing for shale gas.
The interests in the Laughton Prospect and two other conventional prospects in PEDL209 following the recent approval by the
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50% |
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28% |
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12% |
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10% |
"We are pleased to be part of the team participating in the Laughton-1 well which has potential for discoveries in several stacked reservoirs, similar to the Wressle-1 discovery in which Union Jack holds an 8.33% interest.
Even in this period of low oil and gas prices our strategy of focusing within the
For further information please contact:
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+44 (0) 77871 60682 |
Shore Capital Nominated Adviser Bidhi Bhoma Corporate Broking |
+44 (0) 20 7408 4090 |
SP Angel Joint Broker
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+44 (0) 20 3470 0470 |
Public Relations
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+44 (0) 7768 537 739 +44 (0) 7799 003 220 |
In accordance with the AIM Rules - Note for Mining and Oil and Gas Companies, the information contained within this announcement has been reviewed and signed off by
This information is provided by RNS