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Union Jack Oil’s Biscathorpe-2 drilling kicks off

"Biscathorpe is one of the UK's largest onshore unappraised conventional oil prospects"

oil and gas operations
Results are expected next month

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."

Quick facts: Union Jack Oil PLC

Price: 0.2275 GBX

Market: AIM
Market Cap: £27.54 m

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