(AIM: UJO)
Further Acquisition of Interest in PEDL253 - Biscathorpe
The Company originally acquired a 10.00 per cent. economic interest in PEDL253 in
Planning consent was granted for the Biscathorpe-2 exploration well in
On completion of these new agreements the interests in PEDL253 will be:
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52.8% |
Montrose |
35.2% |
Union Jack |
12.0% |
The transfer of interests remains subject to approval by the
The Biscathorpe Prospect is located approximately 15 kilometres to the west of the Keddington oil field and 36 kilometres to the south east of the Wressle-1 discovery currently subject to an Extended Well Test to confirm commerciality in which Union Jack holds an 8.33 per cent. interest.
The Biscathorpe-1 well drilled by BP in 1987 penetrated a thin basal sandstone unit which is interpreted to have been oil bearing. The sand unit is expected to thicken down-dip from the crest of the structure and there is also potential for stratigraphic trapping to the west which could increase the expected gross prospective resources as assessed by Egdon from a Best Estimate case of 14 million barrels of oil to a High case of 41 million barrels of oil respectively.
"The Board believes that the acquisition of a further 2 per cent. of PEDL253 which contains the Biscathorpe Prospect on which the fully funded high impact Biscathorpe-2 conventional well is expected to be drilled in Q4 2015, is consistent with Union Jack's strategy to invest in drill-ready opportunities.
To grow further our drill-ready portfolio, we are currently actively reviewing a number of other potential asset acquisitions that are consistent with our strategy to add further value to the Company.
Following the Extended Well Test, currently underway at the Wressle-1 discovery, we look forward to participating in Biscathorpe-2, confirming the drilling plans for North Kelsey-1 and reporting on further asset acquisitions as they occur"
For further information please contact the following:
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+44 (0) 77871 60682 |
Shore Capital Nominated Adviser Bidhi Bhoma Corporate Broking
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+44 (0) 20 7408 4090 |
SP Angel Joint Broker Richard Hail
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+44 (0) 20 3470 0470 |
Public Relations |
+44 (0)7768 537 739 +44 (0)7799 003 220 |
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This information is provided by RNS