Union Jack Oil PLC (LON:UJO) highlighted “high impact” drilling planned for the Biscathorpe and Holmwood projects as the onshore British oiler updated investors on upcoming work programmes anticipated for 2018.
It also expects a new planning application to be made for the stalled Wressle oil field development project. The new documents are due to be submitted to the authorities in April, UJO noted.
Elsewhere, results from recently acquired and ‘worked over’ wells at the Fiskerton Airfield are expected to provide further potential value catalysts for the company’s asset portfolio.
The company also plans to advance discussions regarding potential development plans for the Dukes Wood, Kirklington and Keddington oil assets.
David Bramhill, Union Jack Oil executive chairman, said the company intends to have a “more hands on approach" to its portfolio of assets and that it also intends to be more flexible and entrepreneurial as it pursues future acquisition and partnering opportunities.
"Union Jack is positioned to deliver ongoing news flow throughout 2018 from our onshore portfolio of producing assets, drill-ready appraisal and exploration targets given our active evaluation programme in today's attractive oil price environment,” Bramhill said.
"Union Jack is seeing a significant effect on the value of its oil production assets resulting from an improved oil price environment.
“The oil price also enables us to discuss with our partners methods to expand oil production at the existing Keddington, Fiskerton Airfield, Kirklington and Dukes Wood oilfields all of which have production licences and dedicated production facilities so are not as dependent upon local planning application approvals.”