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Union Jack Oil kicks off West Newton exploration well

"West Newton is a near term, and potentially high impact project"

oil well drilling
Drilling will take 40 days

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%.

Quick facts: Union Jack Oil PLC

Price: 0.1525 GBX

Market: AIM
Market Cap: £23.55 m

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