Market Abuse Regulation (Mar) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
(AIM: UJO)
Oil and Gas Authority Approval for Acquisition of Interest in Producing Fiskerton Airfield Oilfield
Further to the announcement of
EXL294 is located approximately seven miles east of the
The Company`s initial review of historic 3D seismic and drill logs suggests there is upside potential in the oil resources at Fiskerton. Union Jack will fund a 3D seismic re-processing exercise on behalf of the Joint Venture to assist in re-mapping the area surrounding Fiskerton to identify further production opportunities from the reservoir. It is estimated that initial interpretations from the 3D seismic re-processing will be available H1 2018.
Fiskerton has suffered from a marked lack of investment over the years. Prior to acting on the initial interpretations of the 3D seismic re-processing, the Joint Venture partners plan to enhance the cash flows and profitability of Fiskerton by increasing production initially to between 30 and 40 barrels of oil per day via low cost well interventions. Workover operations are planned on both the producing FA-3 and the shut in FA-1 wells during the next few months including the installation of new tubing, pumps and the isolation of water producing zones.
Subject to the results of the 3D seismic re-processing, the Joint Venture partners will investigate the potential to increase further production through in-fill drilling.
The interests held in EXL294 are held by:
Egdon Resources plc (Operator) |
80% |
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20% |
For further information, please contact:
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+44 (0)7787 160 682 |
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+44 (0)20 3470 0470 |
Nominated Adviser and Joint Broker |
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+44 (0)20 3621 4120 |
Joint Broker |
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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