(AIM: UJO)
Commencement of Drilling Operations - Keddington-5 Development Well
Union Jack acquired a 10% economic interest in PEDL005(R) (the "Licence") from
Under the terms of the acquisition agreement with Egdon, Union Jack will pay 20% of the costs of the Keddington-5 sidetrack well and 20% of the costs of the Louth exploration well, currently planned for 2016/2017. Union Jack's contribution towards the costs of the Keddington-5 sidetrack well will be financed from existing cash resources.
Based upon an integrated geological and geophysical evaluation Stock Tank Oil Initially in Place ("STOIIP") estimates indicate that below the previously drilled Keddington-4 well, there remains an undrained volume that ranges between 309,000 and 566,000 barrels of oil.
The objective of the Keddington-5 well is to access the undrained STOIIP through the drilling of the Keddington-5 sidetrack from the existing Keddington-4 well which was also a sidetrack of the original Keddington-1Z well bore.
The Keddington oilfield was discovered in 1998 by Candecca and brought onstream the same year. Egdon acquired the then shut-in field from
"Union Jack, with over
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 in this announcement has been reviewed and signed off by the Mr
This information is provided by RNS