Union Jack Oil building cashflow in the UK

0
10
  • Union Jack Oil says analysis has confirmed substantial conventional discoveries at West Newton sites
  • 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

Quick facts: Union Jack Oil PLC

Follow

View company profile

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.

13 Oct 2021

() chair David Bramhill has highlighted that the West Newton project has confirmed substantial conventional onshore hydrocarbon discoveries, as the company detailed a number of findings of ongoing study at the project.

Analysis of both the West Newton A and West Newton B sites has confirmed thick reservoir development for the Kirkham Abbey formation – measured over 75 metres thickness in the WNA-1 well, 66.5 metres in the WNA-2 well, and 68 metres in the WNB-1z sidetrack.

Liquid hydrocarbons were recovered to surface at each well and samples were taken for analysis. At WNA-1 it was confirmed as 41 degree API oil, at WNA-2 it was light oil/condensate recovered to surface, measured to be 44 API and further analysis is taking place. For WNB-1z it was described to be liquid hydrocarbons with a similar geochemical fingerprint as WNA-2. Good quality gas was also recovered, and incinerated, at the WNA-2 and WNB-1z sites.

“In order to unlock the value potential at West Newton and across the PEDL183 licence, over the coming weeks a number of external studies will be conducted, encompassing a wide range of potential reservoir stimulation treatments, the results of which could be applied to the West Newton series of wells in order to achieve optimum flow rates,” David Bramhill said in a statement.

Read more

30 Sep 2021

Union Jack Oil PLC (AIM:UJO) notified investors that the planning application for the West Newton A well site expansion was declined by the East Riding of Yorkshire Council Planning Committee.

The company, in a brief statement, said that further updates will be announced in due course.

Read more

23 Sep 2021

Union Jack Oil PLC (AIM:UJO) raised GBP3mln in a share placing as it moves to seize growth opportunities as the Wressle field in Lincolnshire continues to exceeded expectations.

The company, which owns a 40% interest in Wressle, said it will upgrade and expand production facilities which are currently handling around 884 barrels of oil per day ‘on a significantly restricted choke setting, with high wellhead flowing pressure and with zero water cut’.

Read more

31 Aug 2021

Union Jack Oil PLC (AIM:UJO) 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

Union Jack Oil PLC‘s (LON:UJO) 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.

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is…

In exchange for publishing services rendered by the Company on behalf of named herein, including the promotion by the Company of in any Content on the Site, the Company receives from said issuer annual cash…

FOR OUR FULL DISCLAIMER CLICK HERE

FTSE up as government keep cap on gas prices with energy market in focus

FTSE 100 jumped back near the 7,000 mark even though government borrowing was higher than expected in August. London’s leading index added 64 points to 6,968 in early trading.

The UK government has decided to keep the cap on how much energy suppliers can charge customers to protect the…

3 weeks, 1 day ago

3 min read

LEAVE A REPLY

Please enter your comment!
Please enter your name here