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Union Jack Oil reveals “potentially transformational” well success at West Newton

"The initial results of the West Newton A-2 appraisal well exceed our expectations,” said David Bramhill.

oil and gas operations
Extended well testing is now planned

Union Jack Oil PLC (LON:UJO) has revealed what is described as a “potentially transformational” result as the West Newton appraisal well confirmed a substantial hydrocarbon accumulation.

The West Newton A-2 conventional appraisal well, located in east Yorkshire, encountered a 65 metre (net) interval in the Kirkham Abbey formation which was its main target.

READ: Union Jack Oil builds up strong portfolio of UK assets

Analysis of drill core and logging data indicate a ‘significant liquids’ component within the formation and further well testing is now planned, slated for the current quarter (Q3).

"The initial results of the West Newton A-2 appraisal well exceed our expectations,” said David Bramhill, Union Jack executive chairman.

He added: "We rank the West Newton project very highly and look forward to the results of testing during Q3 2019".

"These encouraging results suggest to us that the West Newton project has the potential to achieve our goal of transforming Union Jack from a junior exploration and production company into a self-sustaining mid-tier hydrocarbon producer".

Pre-drill estimates saw a 189bn cubic feet ‘best estimate’ of the project’s contingent resources. The company noted that it expects the resource estimate will be updated twice, once with the core and log analysis and once after the extended well testing.

Union Jack highlighted that the well also encountered hydrocarbon shows in the deeper Cadeby formation, a secondary target of the programme. It was consistent with prior results from the area, and, included oil saturated core.

The company said it is “highly encouraging” and noted that this target will be tested again from the identified West Newton B location where better reservoir development is expected.

Quick facts: Union Jack Oil PLC

Price: 0.099 GBX

Market: AIM
Market Cap: £15.29 m

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