18:00 Thu 20 Feb 2020
Union Jack Oil PLC - Update on West Newton Activity Programme
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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
("Union Jack" or the "Company")
Update on West Newton Activity Programme
PEDL183 covers an area of 176,000 acres and is situated in
West Newton A-2 Test
Following the successful drilling of the A-2 well as announced by the Company on
The redesigned test requires that the Operator obtains regulatory approvals prior to the recommencement of the new EWT. Rathlin is actively engaged with the relevant regulatory bodies in respect of this process.
The Health and Safety Executive's ("HSE's") 21-day Borehole Sites and Operations Regulations notification period has been satisfied with no objections raised by the HSE. Subsequently, Rathlin has now filed a revised operating plan to the
Following EA approval, the Operator will notify the
West Newton B-1 Appraisal Drilling
The process for the commencement of drilling operations at the B site are independent of the EWT at West Newton A-2.
The bottom hole drilling location for the B-1 well has been finalised and preparations are currently underway for the works required for the commencement of operations at the B site, which will begin during Q2 2020.
Two wells are permitted to be drilled from the West Newton B site. The first well drilled from the B site, West Newton B-1, is designed to further appraise the Kirkham Abbey formation, and to test the deeper Cadeby formation at its optimum location, particularly given the encouraging results retrieved from the West Newton A-1 and A-2 wells.
"All the results to date continue to support our belief that West Newton is a large-scale, conventional, onshore oil and gas development asset.
"We remain on track in our pursuit to obtain final regulatory approval for the recommencement of the EWT at West Newton A-2. Comfort can be gained by the fact that no objections were raised by the HSE during its review. Union Jack expects that the EA determination will require 4 - 6 weeks to facilitate.
"Progress continues to be made in respect of the appraisal programme, particularly, the drilling of the West Newton B-1 well.
"Union Jack has already met its financial commitments in respect of funding the EWT on West Newton
A-2 and, with cash resources in excess of
"Outside of the West Newton work programme, we are also funded for our other committed projects in our portfolio in respect of our 2020 work programme where activity is dominated by the development of the Wressle discovery (PEDL180/182), where planning consent for the development was granted in
"Union Jack intends to report separately on progress at both Wressle and Biscathorpe following planned meetings with the operator during February and
"We look forward to updating shareholders as soon as practicable."
Competent Person's Statement
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
For further information, please contact:
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+44 (0)7801 540 358 |
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+44 (0)20 3470 0470 |
Nominated Adviser and Broker |
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+44 (0)20 7138 3204 |
Financial PR |
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+44 (0)7949 690 338 |
Public Relations |
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Stefania Barbaglio |
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