Proactiveinvestors United Kingdom Union Jack Oil PLC https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Union Jack Oil PLC RSS feed en Tue, 21 May 2019 08:30:30 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.co.uk/companies/rns/2731/LSE20190517140600_14078827/ Fri, 17 May 2019 14:06:00 +0100 https://www.proactiveinvestors.co.uk/companies/rns/2731/LSE20190517140600_14078827/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/2731/LSE20190517140037_14078821/ Fri, 17 May 2019 14:00:37 +0100 https://www.proactiveinvestors.co.uk/companies/rns/2731/LSE20190517140037_14078821/ <![CDATA[RNS press release - TR-1: Notification of Major Interest in Shares ]]> https://www.proactiveinvestors.co.uk/companies/rns/2731/LSE20190516120001_14076925/ Thu, 16 May 2019 12:00:01 +0100 https://www.proactiveinvestors.co.uk/companies/rns/2731/LSE20190516120001_14076925/ <![CDATA[Media files - Future 'remains bright' at Union Jack as it eagerly awaits West Newton results ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/13316/future--remains-bright--at-union-jack-as-it-eagerly-awaits-west-newton-results-13316.html Mon, 13 May 2019 11:19:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/13316/future--remains-bright--at-union-jack-as-it-eagerly-awaits-west-newton-results-13316.html <![CDATA[RNS press release - TR-1: Notification of Major Interest in Shares ]]> https://www.proactiveinvestors.co.uk/companies/rns/2731/LSE20190513111237_14071603/ Mon, 13 May 2019 11:12:37 +0100 https://www.proactiveinvestors.co.uk/companies/rns/2731/LSE20190513111237_14071603/ <![CDATA[News - Union Jack Oil awaits West Newton results as onshore UK strategy continues to advance ]]> https://www.proactiveinvestors.co.uk/companies/news/220109/union-jack-oil-awaits-west-newton-results-as-onshore-uk-strategy-continues-to-advance-220109.html Union Jack Oil PLC (LON:UJO) chairman David Bramhill today told investors that the “future remains bright” as the company continues to advance its onshore UK growth strategy.

Financial results for the twelve months ended 31 December 2018 come as the company awaits news from the potentially high impact West Newton appraisal well.

In October, the company acquired a 16.665% interest in West Newton via a farm-in deal and last month drilling operations began.

The West Newton A-2 appraisal well is a follow up to a previously drilled discovery well, which yielded a 189bn cubic feet gas equivalent resource in the Kirkham Abbey Shoal formation.

READ: Union Jack Oil kicks off West Newton well

With the new well, Union Jack and its partners are targeting Kirkham Abbey and the Cadeby Reef exploration target, which has been estimated to have the potential for 79.1mln barrels of oil equivalent.

Notably, in the reporting period, the company increased production volumes by 250% and it increased its interests in key assets.

In terms of financials, the company highlighted that it is fully funded for all current drilling and testing requirements. It had a current cash balance in excess of £2.5mln at the end of May and is debt free.

UJO generated some £165,270 of revenue, and reported a pre-tax loss of £1.09mln for 2018.

"Union Jack's strategy remains consistent with the objective of the Board to build a successful and sustainable UK-focused, onshore hydrocarbon production and development business,” Bramhill said in a statement.

"Marked progress was made in the year under review and in the post balance sheet period, in particular, our acquisition of an interest in PEDL183 containing the West Newton A-1 gas discovery, where the West Newton A-2 appraisal well is currently underway, and our increased interest to 27.5% in the Wressle-1 discovery.”

He added: "My confidence in respect of Union Jack's future, since its incorporation, is at its optimum.”

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Mon, 13 May 2019 08:03:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/220109/union-jack-oil-awaits-west-newton-results-as-onshore-uk-strategy-continues-to-advance-220109.html
<![CDATA[RNS press release - Final Results for the Year Ended 31 December 2018 ]]> https://www.proactiveinvestors.co.uk/companies/rns/2731/LSE20190513070005_14070643/ Mon, 13 May 2019 07:00:05 +0100 https://www.proactiveinvestors.co.uk/companies/rns/2731/LSE20190513070005_14070643/ <![CDATA[News - Union Jack Oil builds up strong portfolio of UK assets ]]> https://www.proactiveinvestors.co.uk/companies/news/220054/union-jack-oil-builds-up-strong-portfolio-of-uk-assets-220054.html  

How is it doing

David Bramhill, chief executive, explains that Union Jack has a very simple business model.

“We cherry pick what we think are the nicest deals around and take an interest.

“We like 10% -20% stakes, so if something goes wrong, you haven’t killed the company.”

He reckons with onshore UK there is a 40% - 50% and sometimes even a 60% chance of success unlike offshore, where often he says it is an 8:1 bet.

“And we don’t do 8:1 shots,” he adds.

 

What it owns 

The latest addition is a 16.667% stake in the West Newton gas discovery in Yorkshire.

In an immediate boost, planning permission for the West Newton-A wellsite in Yorkshire was extended just a couple of weeks after the purchase completed.

The stake in West Newton was acquired as part of a deal with Rathlin Energy, a subsidiary of Canadian firm Connaught Oil & Gas.

The discovery is located onshore UK in East Yorkshire, within the western part of the Southern Zechstein Basin, and contains an estimated contingent resource of 189bn cubic feet of gas equivalent or 31.5mln barrels of oil equivalent.

Through the farm-out, UJO is committed to cover 25% of the cost of the appraisal well.

The transaction does not include any upfront fees, though UJO said it expects its share of the appraisal well will cost around £4.6mln.

It is a conventional operation, and the company highlighted that it will not involve fracking either now or in the future.

 

Union Jack Oil's key assets

• PEDL 183 West Newton 16.67% ( Operator Raithlin ) 

• PEDL180 Development Wressle: 27.5% Awaiting development approval (operator Egdon)

• PEDL005(R) Production Keddington: 20.0% Existing production (Egdon)

• PEDL182 Exploration Broughton North: 27.5% Wressle (Egdon)

• PEDL253 Exploration Biscathorpe: 22% (Egdon)

“In addition, Union Jack's 20% working interests in the producing Keddington and Fiskerton Airfield oil fields provide us with oil revenues and exposure to additional workover and drill targets in our focused areas.”

 

What the boss says: David Bramhill

"West Newton is a near term, and potentially high impact project which, if successful would deliver a major UK onshore gas development.

"The well is fully funded from existing cash resources, and in preparation of success, also funded for any long-term gas production test, plus further technical and initial conceptual commercial studies."

 

Video

 

 

Inflexion points The West Newton A-2 appraisal well should hit target depth around the end of June. The well is a follow up to a previously drilled discovery well, which yielded a 189bn cubic feet gas equivalent resource in the Kirkham Abbey Shoal formation. With the new well, Union Jack and its partners are targeting Kirkham Abbey and the Cadeby Reef exploration target, which has been estimated to have the potential for 79.1mln barrels of oil equivalent. A public inquiry over the rejection of planning approval for Wressle also starts later this year. ]]>
Fri, 10 May 2019 12:49:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/220054/union-jack-oil-builds-up-strong-portfolio-of-uk-assets-220054.html
<![CDATA[RNS press release - TR-1: Notification of Major Interest in Shares ]]> https://www.proactiveinvestors.co.uk/companies/rns/2731/LSE20190508170001_14067113/ Wed, 08 May 2019 17:00:01 +0100 https://www.proactiveinvestors.co.uk/companies/rns/2731/LSE20190508170001_14067113/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/2731/LSE20190430070004_14056241/ Tue, 30 Apr 2019 07:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/2731/LSE20190430070004_14056241/ <![CDATA[News - Union Jack Oil looks forward to fair hearing over Wressle ]]> https://www.proactiveinvestors.co.uk/companies/news/219227/union-jack-oil-looks-forward-to-fair-hearing-over-wressle-219227.html Union Jack Oil PLC’s (LON:UJO) executive chairman David Bramhill said he is looking forward to a fair hearing over the Wressle oil field project, which was previously denied planning permission.

It has been confirmed that a public inquiry will take place in November to hear an appeal against North Lincolnshire council’s denial of planning permission to the Wressle field.

The new hearing is expected to start on 5 November and will last around 5 days.

READ: Union Jack Oil kicks off West Newton exploration well

"We are pleased that a date has now been set for the planning enquiry and we echo Egdon's sentiments that an independent professional planning inspector is best equipped to make a balanced decision with regard to the development of Wressle,” Bramhill said.

"Given the positive endorsement by the council's own planning officer, which was reinforced by an expert third party review carried out by the council, we believe our appeal and the case for approving the Wressle development are strong and we look forward to receiving a fair hearing."

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Mon, 29 Apr 2019 07:25:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/219227/union-jack-oil-looks-forward-to-fair-hearing-over-wressle-219227.html
<![CDATA[RNS press release - Wressle Planning Appeal Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/2731/LSE20190429070009_14054518/ Mon, 29 Apr 2019 07:00:09 +0100 https://www.proactiveinvestors.co.uk/companies/rns/2731/LSE20190429070009_14054518/ <![CDATA[News - Union Jack Oil kicks off West Newton exploration well ]]> https://www.proactiveinvestors.co.uk/companies/news/219155/union-jack-oil-kicks-off-west-newton-exploration-well-219155.html Drilling operations are now underway at Union Jack Oil PLC’s (LON:UJO) 16%-owned West Newton project in East Yorkshire.

The West Newton A-2 appraisal well is a follow up to a previously drilled discovery well, which yielded a 189bn cubic feet gas equivalent resource in the Kirkham Abbey Shoal formation.

With the new well, Union Jack and its partners are targeting Kirkham Abbey and the Cadeby Reef exploration target, which has been estimated to have the potential for 79.1mln barrels of oil equivalent.

READ: Union Jack Oil raises £1.75mln ahead of West Newton opportunity

"West Newton is a near term, and potentially high impact project which, if successful would deliver a major UK onshore gas development,” said David Bramhill, UJO chief executive.

"The well is fully funded from existing cash resources, and in preparation of success, also funded for any long-term gas production test, plus further technical and initial conceptual commercial studies."

The well will be drilled down to a depth of 2,061 metres and the drill programme is expected to run for 40 days.

It is a relatively low risk opportunity – in as much as the Kirkham Abbey target is estimated to have higher than 60% chance of success, while Cadeby Reef target is seen at 26%.

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Fri, 26 Apr 2019 07:51:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/219155/union-jack-oil-kicks-off-west-newton-exploration-well-219155.html
<![CDATA[RNS press release - Commencement of Drilling Operations at West Newton ]]> https://www.proactiveinvestors.co.uk/companies/rns/2731/LSE20190426070010_14052767/ Fri, 26 Apr 2019 07:00:10 +0100 https://www.proactiveinvestors.co.uk/companies/rns/2731/LSE20190426070010_14052767/ <![CDATA[News - Union Jack Oil exits Holmwood project, takes shares in UK Oil & Gas ]]> https://www.proactiveinvestors.co.uk/companies/news/218651/union-jack-oil-exits-holmwood-project-takes-shares-in-uk-oil--gas-218651.html Union Jack Oil PLC (LON:UJO) has exited the Holmwood project through a deal with UK Oil & Gas PLC (LON:UKOG), selling its 7.5% stake for £112,500.

It is a cash deal, although as part of the transaction, UJO has committed to investing the entirety of the proceeds into UKOG, subscribing for new shares.

UKOG is separately also purchasing Europa Oil & Gas Holdings PLC’s (LON:EOG) 20% stake in Holmwood for £300,000 in cash.

It will mean that UKOG, in aggregate, has consolidated its stake in Holmwood to up to 67.5%. As a result, the company has secured control of the project, which neighbours its flagship Horse Hill discovery, now on the road to development and permanent production.

READ: Union Jack Oil raises £1.75mln for West Newton opportunity

"Union Jack's strategy is to focus on what we consider to be near term drilling and production opportunities in the UK,” said David Bramhill, UJO executive chairman.

"Our modest investment in Holmwood was made with a view to capitalising on the increasing activity within the Weald Basin.

"This agreement allows Union Jack to now concentrate totally on our focused areas of the East Midlands, Humber Basin and East Yorkshire.”

Bramhill added: "Payment in UKOG shares allows Union Jack to not only benefit from UKOG's increased interest in Holmwood, but also exposure to UKOG's wider Weald Basin assets and other projects."

The chairman, meanwhile, highlighted the company’s focus going forward, on assets in the East Midlands, Humber Basin and East Yorkshire.

“Our focused areas hold working interests in material and potentially company-changing assets including: 16.665% in West Newton, where drilling is set to commence in the very near future; 27.5% of Wressle that contains a discovery awaiting planning permission for development; and 22% of Biscathorpe that requires seismic reprocessing to provide information following recent drilling and for a potential side-track well in due course,” he noted.

“In addition, Union Jack's 20% working interests in the producing Keddington and Fiskerton Airfield oil fields provide us with oil revenues and exposure to additional workover and drill targets in our focused areas.”

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Tue, 16 Apr 2019 07:42:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/218651/union-jack-oil-exits-holmwood-project-takes-shares-in-uk-oil--gas-218651.html
<![CDATA[RNS press release - Holmwood Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/2731/LSE20190416070004_14042032/ Tue, 16 Apr 2019 07:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/2731/LSE20190416070004_14042032/ <![CDATA[RNS press release - Result of General Meeting and Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/2731/LSE20190408112555_14032636/ Mon, 08 Apr 2019 11:25:55 +0100 https://www.proactiveinvestors.co.uk/companies/rns/2731/LSE20190408112555_14032636/ <![CDATA[News - Union Jack Oil raises £1.75mln as it looks forward to West Newton opportunity ]]> https://www.proactiveinvestors.co.uk/companies/news/216819/union-jack-oil-raises-175mln-as-it-looks-forward-to-west-newton-opportunity-216819.html Union Jack Oil PLC (AIM:UJO) has conditionally raised £1.75mln through a share sale with the funds earmarked for anticipated follow-up activities after a successful outcome in an upcoming well at the West Newton project.

The company has a stake in the West Newton-2 appraisal well which is expected to spud in April. The project is estimated to have 189bn cubic feet of gas resources, which is around 31.5mln barrels of oil equivalent.

The company said in a statement that there is ”compelling immediate and future economic value” in the development of the gas resource alone and added that the project also offers upside potential in an oil exploration target which underlies the gas.

READ: Union Jack Oil’s Biscathorpe well drilling completes

It noted that the lower Cadeby Reef oil exploration target has been estimated to have some 79.1mln barrels of prospective resources.

“We remain funded for the drilling of the West Newton-2 appraisal well,” said David Bramhill, Union Jack executive chairman.

“Following the drilling of that well, the fundraising will then allow us to carry out any long-term gas production testing that is necessary, plus progress further technical and initial conceptual commercial studies on a Field Development Plan on this material gas discovery.

“A completed field development plan will allow the 31.5mln barrels of oil equivalent best estimate contingent resources (gross) identified in West Newton to be converted into reserves, a necessary step prior to then bringing this important onshore gas field into production and generating first gas revenues.”

"The fundraising will also provide sufficient working capital to bring Wressle to the first production, subject to it receiving all necessary planning approvals.

He added: “This Fundraising will place the company in a strong position to deliver growth in reserves, production and asset value”.

The share placing sees the sale of 2.3bn new Union Jack shares, each priced at 0.075p.

Shareholder approval is required to conclude the funding, and, a general meeting has been called for 8 April in Bristol.

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Wed, 20 Mar 2019 07:56:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/216819/union-jack-oil-raises-175mln-as-it-looks-forward-to-west-newton-opportunity-216819.html
<![CDATA[RNS press release - Fundraising, Circular & Notice of General Meeting ]]> https://www.proactiveinvestors.co.uk/companies/rns/2731/LSE20190320070006_14008285/ Wed, 20 Mar 2019 07:00:06 +0000 https://www.proactiveinvestors.co.uk/companies/rns/2731/LSE20190320070006_14008285/ <![CDATA[RNS press release - Holmwood Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/2731/LSE20190314070010_14001524/ Thu, 14 Mar 2019 07:00:10 +0000 https://www.proactiveinvestors.co.uk/companies/rns/2731/LSE20190314070010_14001524/ <![CDATA[RNS press release - TR-1: Notification of Major Interest in Shares ]]> https://www.proactiveinvestors.co.uk/companies/rns/2731/LSE20190222100459_13978750/ Fri, 22 Feb 2019 10:04:59 +0000 https://www.proactiveinvestors.co.uk/companies/rns/2731/LSE20190222100459_13978750/ <![CDATA[News - Union Jack Oil’s Biscathorpe well drilling completes ]]> https://www.proactiveinvestors.co.uk/companies/news/214986/union-jack-oils-biscathorpe-well-drilling-completes-214986.html Union Jack Oil PLC (LON: UJO) noted the completion of the 22% owned Biscathorpe-2 well onshore Lincolnshire.

The well was drilled down to a total depth of 2,133 metres, but, well logging operations were delayed and certain tools could not reach target depth.

Project operator Egdon Resources told investors that the preliminary analysis indicates that the primary objective was poorly developed at the location.

WATCH: Union Jack Oil welcomes one-year planning extension for Wressle

Consequently, the company said that the Biscathorpe play has not been properly tested and the well results indicate the potential to be more thickly developed to the north and north-east.

Egdon noted that elevated gas readings and oil shows were recorded in a separate zone, the Dinantian Carbonate, which indicates proximity to an effective petroleum system - though it said that the formation has very low porosity and would not make an effective reservoir. 

Also, a number of porous sandstone reservoir intervals were encountered in a shallower sequence, but, were interpreted as water wet.

It has been decided that the well will be sealed, giving the option for a potential side-track well in the future.

"As conveyed in the operator's narrative, the Biscathorpe-2 well has been suspended for a possible side-track at a later date once the results of the well have been incorporated into the prospect model,” said David Bramhill, Union Jack executive chairman.

"The Biscathorpe play has not been properly tested as the Basal Westphalian Sandstone did not thicken as expected in the pre-drill model hence the Biscathorpe-2 well is being suspended for possible future re-entry and side-track. 

“In addition, we were encouraged by the elevated gas readings over a 99-metre interval which included a suite of gas indications C1 to C5 and nC5 which are indicative of an effective petroleum system existing in proximity to the Biscathorpe-2 well.”

Bramhill added: "Union Jack's balanced portfolio remains active with the imminent drilling of the high-impact West Newton-2 appraisal well, followed by the Wressle appeal being heard in respect of a production development decision. 

“Both of these are material projects and success in either of these projects will offer significant value upside to Union Jack."

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Wed, 20 Feb 2019 16:17:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/214986/union-jack-oils-biscathorpe-well-drilling-completes-214986.html
<![CDATA[RNS press release - Biscathorpe Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/2731/LSE20190220154501_13976170/ Wed, 20 Feb 2019 15:45:01 +0000 https://www.proactiveinvestors.co.uk/companies/rns/2731/LSE20190220154501_13976170/ <![CDATA[News - Egdon Resources lodges Wressle appeal ]]> https://www.proactiveinvestors.co.uk/companies/news/213957/egdon-resources-lodges-wressle-appeal-213957.html Union Jack Oil PLC (LON:UJO) said Egdon Resources Plc (LON:EGR), as operator of the Wressle oil discovery, lodged an appeal against the refusal of planning permission for the drill site in North Lincolnshire.

The appeal will be dealt with by the Planning Inspectorate.

READ: Union Jack Oil “very pleased” as Wressle is awarded one-year planning extension

Union Jack’s David Bramhill said: "We strongly believe, as does the operator, the enhanced proposals for the development of Wressle address, comprehensively, the reasons highlighted by the Planning Inspector in his dismissal of the initial appeals in January 2018.”

His company owns 27.5% of licences 180 and 182 containing Wressle, which flowed at 710 barrels a day of oil and gas and is estimated to be hosting up to 2.15mln stock tank barrels of crude.

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Tue, 05 Feb 2019 07:51:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/213957/egdon-resources-lodges-wressle-appeal-213957.html
<![CDATA[RNS press release - Wressle Planning Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/2731/LSE20190205070002_13957863/ Tue, 05 Feb 2019 07:00:02 +0000 https://www.proactiveinvestors.co.uk/companies/rns/2731/LSE20190205070002_13957863/ <![CDATA[Media files - Union Jack Oil welcomes one-year planning extension for Wressle ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/11987/union-jack-oil-welcomes-one-year-planning-extension-for-wressle-11987.html Fri, 25 Jan 2019 11:15:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/11987/union-jack-oil-welcomes-one-year-planning-extension-for-wressle-11987.html <![CDATA[News - Union Jack Oil “very pleased” as Wressle is awarded one-year planning extension ]]> https://www.proactiveinvestors.co.uk/companies/news/213321/union-jack-oil-very-pleased-as-wressle-is-awarded-one-year-planning-extension-213321.html Union Jack Oil PLC (LON:UJO) executive chairman David Bramhill described himself “very pleased” as the Wressle project received a one year extension to existing planning approvals.

The award extends access to the project until 24 January 2020.

It means that Union Jack and its partners have sufficient time to reach a determination in its appeal against planning refusals for the proposed oil field development at Wressle.

WATCH: Union Jack Oil welcomes one-year planning extension for Wressle

Previously an application to extend existing approvals was denied by North Lincolnshire Council’s Planning Committee though it had been recommended by the same council’s planning officer. The extension was granted by the UK planning inspector, on appeal.

The planning inspector will also rule on the appeal for the field development application.

Bramhill, in a statement, said: “we now look forward to the planning inspector considering at a future public enquiry an appeal against the further refusal by the council on the 28 November 2018 of the revised development proposals for Wressle.

“The operator plans to submit the initial appeal documentation for Wressle in the coming week.

"We also believe the new proposals for Wressle comprehensively addressed the reasons highlighted by the planning inspector in his original dismissal of the development appeals in January 2018. 

“This position was supported by the recommendation for approval given by the council's planning officer, also reinforced by an expert third party review undertaken on behalf of the council."

Egdon Resources is the operator of the Wressle field.with a 30% stake. Europa Oil & Gas also has 30%, while Union Jack owns 27.5% and Humber Oil 12.5%.

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Fri, 25 Jan 2019 07:43:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/213321/union-jack-oil-very-pleased-as-wressle-is-awarded-one-year-planning-extension-213321.html
<![CDATA[RNS press release - Wressle Planning Extension Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/2731/LSE20190125070003_13946339/ Fri, 25 Jan 2019 07:00:03 +0000 https://www.proactiveinvestors.co.uk/companies/rns/2731/LSE20190125070003_13946339/ <![CDATA[RNS press release - TR-1: Notification of Major Interest in Shares ]]> https://www.proactiveinvestors.co.uk/companies/rns/2731/LSE20190108095010_13927333/ Tue, 08 Jan 2019 09:50:10 +0000 https://www.proactiveinvestors.co.uk/companies/rns/2731/LSE20190108095010_13927333/ <![CDATA[News - Union Jack Oil’s Biscathorpe-2 drilling kicks off ]]> https://www.proactiveinvestors.co.uk/companies/news/212072/union-jack-oils-biscathorpe-2-drilling-kicks-off-212072.html Union Jack Oil PLC (LON:UJO) has announced the start of drilling operations on the Biscathorpe-2 well in Lincolnshire.

The company said, in a statement, that the well was spudded today at 12:30pm.

READ: Union Jack Oil completes on West Newton deal ahead of Q1 2019 spud

It highlighted that the company’s economic modelling of Biscathorpe shows a £24mln pre-drill valuation net to Union Jack in the success case.

"Biscathorpe is one of the UK's largest onshore unappraised conventional oil prospects with Mean Prospective Resources of 14 million barrels gross and a geological chance of success of 40%, in which Union Jack has a meaningful 22% licence interest,” said David Bramhill, Union Jack executive chairman.

He added: "Biscathorpe is one of Union Jack's near-term, high-impact projects and success here will be transformational for our company. 

“In addition to the defined structural closure, stratigraphic trapping, if present, could lead to significant upside for oil resources. 

“We look forward to updating shareholders and the market with preliminary results from the well in early February 2019."

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Mon, 07 Jan 2019 13:53:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/212072/union-jack-oils-biscathorpe-2-drilling-kicks-off-212072.html
<![CDATA[RNS press release - Biscathorpe Drilling Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/2731/LSE20190107133001_13926182/ Mon, 07 Jan 2019 13:30:01 +0000 https://www.proactiveinvestors.co.uk/companies/rns/2731/LSE20190107133001_13926182/ <![CDATA[RNS press release - TR-1: Notification of Major Interest in Shares ]]> https://www.proactiveinvestors.co.uk/companies/rns/2731/LSE20181207115239_13896099/ Fri, 07 Dec 2018 11:52:39 +0000 https://www.proactiveinvestors.co.uk/companies/rns/2731/LSE20181207115239_13896099/ <![CDATA[News - Union Jack Oil looks forward to Biscathorpe-2 drilling ]]> https://www.proactiveinvestors.co.uk/companies/news/210673/union-jack-oil-looks-forward-to-biscathorpe-2-drilling-210673.html Union Jack Oil PLC (LON:UJO) expects drilling to start for the Biscathorpe-2 appraisal well in the new year.

The company, in a statement, told investors that site construction is expected to complete this month, the drill rig will be mobilised in early January, and will be completed in mid-February.

It adds another first quarter catalyst for the junior UK oiler, which is also participating in the West Newton well project, in Yorkshire.

Union Jack highlighted that Biscathorpe-2 has an estimated 40% chance of success and 7.52mln to 142mln barrels of oil in place, or 1.84mln to 35.3mln barrels of prospective resources.

READ: Union Jack Oil acquires West Newton stake ahead of well programme

"We welcome the news of the impending drilling at Biscathorpe-2 and are pleased that the operator continues to progress activities according to schedule,” said David Bramhill, Union Jack executive chairman.

“Biscathorpe is one of the UK's largest onshore conventional oil prospects with mean prospective resources of 14 million barrels gross and a geological chance of success of 40% in which Union Jack has a meaningful 22% licence interest.”

Bramhill added: “The company`s economic modelling of the Biscathorpe Prospect highlights its attractiveness and shows a pre-drill value for the success case of circa £24 million net to Union Jack (using the industry standard net present value after tax at a 10% discount rate).

“Biscathorpe is one of Union Jack's near-term, high-impact projects and success here will be transformational for our company. 

“We look forward to reporting on drilling activities at Biscathorpe over the coming months."

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Thu, 06 Dec 2018 12:02:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/210673/union-jack-oil-looks-forward-to-biscathorpe-2-drilling-210673.html
<![CDATA[RNS press release - Biscathorpe Drilling Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/2731/LSE20181206113005_13894227/ Thu, 06 Dec 2018 11:30:05 +0000 https://www.proactiveinvestors.co.uk/companies/rns/2731/LSE20181206113005_13894227/ <![CDATA[RNS press release - TR-1: Notification of Major Interest in Shares ]]> https://www.proactiveinvestors.co.uk/companies/rns/2731/LSE20181205100514_13892356/ Wed, 05 Dec 2018 10:05:14 +0000 https://www.proactiveinvestors.co.uk/companies/rns/2731/LSE20181205100514_13892356/ <![CDATA[RNS press release - TR-1: Notification of Major Interest in Shares ]]> https://www.proactiveinvestors.co.uk/companies/rns/2731/LSE20181204104334_13890786/ Tue, 04 Dec 2018 10:43:34 +0000 https://www.proactiveinvestors.co.uk/companies/rns/2731/LSE20181204104334_13890786/ <![CDATA[RNS press release - Directorate Change and Grant of Options ]]> https://www.proactiveinvestors.co.uk/companies/rns/2731/LSE20181204070018_13889946/ Tue, 04 Dec 2018 07:00:18 +0000 https://www.proactiveinvestors.co.uk/companies/rns/2731/LSE20181204070018_13889946/ <![CDATA[Media files - Union Jack Oil completes on West Newton deal ahead of Q1 2019 spud ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/11410/union-jack-oil-completes-on-west-newton-deal-ahead-of-q1-2019-spud-11410.html Mon, 03 Dec 2018 14:39:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/11410/union-jack-oil-completes-on-west-newton-deal-ahead-of-q1-2019-spud-11410.html <![CDATA[News - Union Jack Oil acquires West Newton stake ahead of 2019 well programme ]]> https://www.proactiveinvestors.co.uk/companies/news/210363/union-jack-oil-acquires-west-newton-stake-ahead-of-2019-well-programme-210363.html Union Jack Oil PLC (LON:UJO) told investors that it has now completed its deal to acquire a 16.665% interest in the West Newton project, in Yorkshire.

It comes ahead of an appraisal well drilling programme which is due to spud in the first quarter of 2019.

The onshore oil discovery is presently estimated to contain 189bn cubic feet of gas resources, which amounts to around 31.5mln barrels oil equivalent, and, it has been valued at US247mln (NPV) by the operator.

WATCH: Union Jack Oil completes on West Newton deal ahead of Q1 2019 spud

Union Jack executive chairman David Bramhill described West Newton as “a significant and compelling project” for the company.

"The drilling of the West Newton conventional appraisal well is currently planned for Q1 2019 and will follow the planned commencement of drilling of the conventional Biscathorpe-2 appraisal well on PEDL253 by year end 2018 in which Union Jack holds a meaningful 22% licence interest,” Bramhill said.

“Both wells are fully permitted and success at either would deliver a material onshore gas or oil development project respectively, with either being transformational for Union Jack.”

He added: "The completion of the West Newton Farm-in puts Union Jack in a stronger position to deliver growth in reserves, production and asset value while adhering to our principles of strict financial and technical disciplines.”

UJO also noted that the upcoming West Newton well will additionally test a deeper oil exploration target, which is estimated to host some 79.1mln barrels of potential resources.

In a note to clients, analysts at SPAngel commented: “Given the fact that the Company enjoys a good relationship with the OGA, while not unsurprising, it is still pleasing, as the still requires an assessment of the Company’s suitability for inclusion on the licence.”

They reiterated a 0.64p target price on UJO shares, which held steady at 0.10p in early afternoon trading.

 -- Adds analyst comment, share price --

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Mon, 03 Dec 2018 07:51:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/210363/union-jack-oil-acquires-west-newton-stake-ahead-of-2019-well-programme-210363.html
<![CDATA[RNS press release - Completion of West Newton Farm-In ]]> https://www.proactiveinvestors.co.uk/companies/rns/2731/LSE20181203070007_13887967/ Mon, 03 Dec 2018 07:00:07 +0000 https://www.proactiveinvestors.co.uk/companies/rns/2731/LSE20181203070007_13887967/ <![CDATA[RNS press release - Wressle Planning Decision ]]> https://www.proactiveinvestors.co.uk/companies/rns/2731/LSE20181128161502_13884122/ Wed, 28 Nov 2018 16:15:02 +0000 https://www.proactiveinvestors.co.uk/companies/rns/2731/LSE20181128161502_13884122/ <![CDATA[Media files - Analyst Barney Gray suspects Wressle application could be 'in with a shot' this time ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/11285/analyst-barney-gray-suspects-wressle-application-could-be-in-with-a-shot-this-time-11285.html Thu, 22 Nov 2018 11:46:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/11285/analyst-barney-gray-suspects-wressle-application-could-be-in-with-a-shot-this-time-11285.html <![CDATA[RNS press release - Wressle Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/2731/LSE20181122070003_13876252/ Thu, 22 Nov 2018 07:00:03 +0000 https://www.proactiveinvestors.co.uk/companies/rns/2731/LSE20181122070003_13876252/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/2731/LSE20181120070024_13872762/ Tue, 20 Nov 2018 07:00:24 +0000 https://www.proactiveinvestors.co.uk/companies/rns/2731/LSE20181120070024_13872762/ <![CDATA[News - Union Jack Oil steadily adding UK onshore assets ]]> https://www.proactiveinvestors.co.uk/companies/news/209468/union-jack-oil-steadily-adding-uk-onshore-assets-209468.html • PEDL 183 West Newton 16.67% 

• PEDL180 Development Wressle: 27.5% Awaiting development approval (operator Egdon)

• PEDL005(R) Production Keddington: 20.0% Existing production (Egdon)

• PEDL143 Exploration Holmwood: 7.5% Paying 15% of exploration well (operator Europa)

• PEDL182 Exploration Broughton North: 27.5% Wressle (Egdon)

• PEDL253 Exploration Biscathorpe: 22% (Egdon)

• PEDL201 Exploration Burton on the Wolds: 10.0% (Egdon)

• PEDL241 Exploration North Kelsey: 20.0% 

• PEDL005(R) Exploration Louth Prospect: 20% (Egdon)

• PEDL339 Exploration Louth Extension: 20% (Egdon)

• PEDL005(R) Exploration North Somercotes: 20% (Egdon)

• PEDL209 Exploration Laughton: 10.0% (Egdon)

• PEDL118: Dukes Wood 16.67% (Egdon)

• PEDL203: Kirklington 16.67% (Egdon) 

• PEDL181 Humber Basin 12.5% (Europe Oil) 

• PEDL201: Widmerpool Gulf 26.25% (Egdon) 

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Mon, 19 Nov 2018 10:30:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/209468/union-jack-oil-steadily-adding-uk-onshore-assets-209468.html
<![CDATA[News - Union Jack Oil shares jump as planning permission for West Newton-A wellsite extended ]]> https://www.proactiveinvestors.co.uk/companies/news/209319/union-jack-oil-shares-jump-as-planning-permission-for-west-newton-a-wellsite-extended-209319.html Union Jack Oil PLC (LON:UJO) shares jumped in late-afternoon trading Thursday after it said its planning permission for the West Newton-A wellsite in Yorkshire has been extended.

The oiler said planning permission had been extended for a further 36 months at a meeting of the East Riding of Yorkshire Council's planning committee.

WATCH: West Newton farm-in has 'all the right ingredients' - Union Jack Oil's David Bramhill

The firm formally completed an acquisition of a 16.667% stake in the West Newton gas discovery earlier this month as part of a deal with Rathlin Energy, a subsidiary of Canadian firm Connaught Oil & Gas.

The discovery is located onshore UK in East Yorkshire, within the western part of the Southern Zechstein Basin, and contains an estimated contingent resource of 189bn cubic feet of gas equivalent or 31.5mln barrels of oil equivalent.

The West Newton appraisal well is planned to be drilled in the first quarter of 2019, with planning permission for the conventional well already in place.

Union Jack shares were up 4.2% at 0.11p.

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Thu, 15 Nov 2018 16:06:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/209319/union-jack-oil-shares-jump-as-planning-permission-for-west-newton-a-wellsite-extended-209319.html
<![CDATA[RNS press release - West Newton-A Wellsite Planning Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/2731/LSE20181115154656_13868986/ Thu, 15 Nov 2018 15:46:56 +0000 https://www.proactiveinvestors.co.uk/companies/rns/2731/LSE20181115154656_13868986/ <![CDATA[RNS press release - Grant of Options ]]> https://www.proactiveinvestors.co.uk/companies/rns/2731/LSE20181107070005_13857600/ Wed, 07 Nov 2018 07:00:05 +0000 https://www.proactiveinvestors.co.uk/companies/rns/2731/LSE20181107070005_13857600/ <![CDATA[Media files - West Newton farm-in has 'all the right ingredients' - Union Jack Oil's David Bramhill ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/11099/west-newton-farm-in-has-all-the-right-ingredients-union-jack-oil-s-david-bramhill-11099.html Mon, 05 Nov 2018 11:18:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/11099/west-newton-farm-in-has-all-the-right-ingredients-union-jack-oil-s-david-bramhill-11099.html <![CDATA[News - Union Jack completes acquisition of stake in West Newton gas project in Yorkshire ]]> https://www.proactiveinvestors.co.uk/companies/news/208474/union-jack-completes-acquisition-of-stake-in-west-newton-gas-project-in-yorkshire-208474.html Union Jack Oil PLC (LON:UJO) has formally completed the acquisition of a 16.667% stake in the West Newton gas discovery, in Yorkshire.

The AIM-quoted company agreed the terms of a deal earlier this month with Rathlin Energy, a subsidiary of Canadian firm Connaught Oil & Gas, and the two have now officially signed the farm-in agreement.

READ: Union Jack agrees to buy stake in West Newton gas project

The transaction does not include any upfront fees, but Union Jack is required to cover 25% of the cost of an appraisal well which is due to be drilled in the first quarter of next year. It reckons its share of the costs will be around £4.6mln.

“We are pleased to be able to confirm the Farm-in to PEDL183 containing the material West Newton gas discovery that represents a significant project technically and is compelling financially for Union Jack has now been signed,” said chief executive David Bramhill.

“The drilling of the material West Newton conventional appraisal well, where success is expected to deliver a significant onshore gas development project, will be transformational for Union Jack.”

“In addition to our ongoing commitment to develop the Wressle oil discovery, and plans to commence drilling of the material conventional Biscathorpe-2 oil appraisal well later this quarter, the Farm-in and drilling of West Newton in Q1 2019 puts Union Jack in an even stronger position to deliver growth in reserves, production and asset value while adhering to our principles of strict financial and technical discipline.”

West Newton discovery in detail

West Newton, located on the western sector of the southern Zechstein basin in east Yorkshire, is a conventional operation which UJO highlighted will not involve fracking either now or in the future.

It is on trend with the prolific Hewett gas field complex which had 419bn cubic feet of original in place gas.

A 2014 discovery well opened up an estimated 189bn cubic feet of contingent gas resources (31.5mln barrels oil equivalent) at West Newton.

It will now be followed up by an appraisal well in early 2019 which is estimated to have a 60% geological and commercial probability of success.

Should the appraisal be successful and lead to field development, Union Jack’s take would be around 5.3mln barrels of oil.

West Newton’s operator has estimated a net present value of US$247mln for the project.

Cadeby exploration potentially

Additionally, the project operator has also identified a significant oil exploration target, in a feature called the ‘Cadeby Reef formation’ which is positioned beneath the gas discovery.

It is proposed that the appraisal well will also drill deeper to test the prospect as a secondary target. The exploration prospect is estimated as some 79.1mln barrels oil equivalent and it has an estimated 26% chance of success.

More broadly, there are a number of other ‘additional attractive prospects and leads’ identified within the licence area which could in the future add to the significant prospective resources.

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Mon, 05 Nov 2018 07:37:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/208474/union-jack-completes-acquisition-of-stake-in-west-newton-gas-project-in-yorkshire-208474.html