Union Jack Oil building cashflow in the UK

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  • Union Jack Oil sees significant hydrocarbon column as West Newton tests continue
  • Union Jack Oil is a ‘strong buy’ as West Newton testing continues – SP Angel
  • Union Jack Oil on ‘imminent’ results expected from both West Newton and Wressle
oil rig

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Union Jack Oil is an onshore oil and gas exploration company with a focus on drilling, development and investment opportunities in the United Kingdom hydrocarbon sector listed on the London Stock Exchange AIM market.

31 Aug 2021

() has updated on the West Newton project, near the river Humber, where testing has identified a significant hydrocarbon column.

The company, in a statement, said that a column of some 118 metres was demonstrated on completion of drilling at the West Newton B site.

A 44-metre section of the Kirkham Abbey formation was perforated in the West Newton B-1z well and hydrocarbons were produced to surface – as described by the company, good quality gas was recovered along with liquid hydrocarbons.

“We are highly encouraged by these initial results from an ongoing multi-well appraisal testing and drilling campaign at West Newton that has confirmed there are significant hydrocarbons in place and an active hydrocarbon system present,” said executive chairman David Bramhill.

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24 Aug 2021

City stockbroker SP Angel cheered the latest update from the Wressle field and repeated a ‘strong buy’ recommendation for ().

Union Jack this morning reported that Wressle had produced at its targeted rate of 500 barrels during testing.

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24 Aug 2021

The Wressle oil field has produced at its targeted rate of 500 barrels in testing, boosting the prospects for AIM-quoted stakeholders () and Europa Oil & Gas (Holdings) PLC ().

Union Jack, in a statement, noted that the rate was achieved in the tests which followed a ‘proppant squeeze’ operation that stimulated the Wressle-1 well.

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31 Aug 2021

() will have another bite at a vast cherry, so says stockbroker SP Angel, which has repeated a ‘strong buy’ recommendation following an update from the West Newton project.

Testing operations are advancing at the West Newton B site where the British oil firm today said that a column of some 118 metres was demonstrated on completion of drilling.

A 44-metre section of the Kirkham Abbey formation was perforated in the West Newton B-1z well and hydrocarbons were produced to surface – as described by the company, good quality gas was recovered along with liquid hydrocarbons.

Read more

17 May 2021

‘s () David Bramhill joins Proactive London with an update on their latest financial results and future prospects.

Bramhill is confident ahead of the ‘imminent’ results’ expected from both West Newton and Wressle.

He says progress was made there at West Newton in Yorkshire where presently testing is imminent for two wells drilled in 2020. At the Wressle field, meanwhile, oil is free flowing and is in continuous production test conditions.

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