Union Jack Oil building cashflow in the UK

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.

() 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.

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.

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’.

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.

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.