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Union Jack Oil has West Newton's oil potential confirmed by new analysis

The Kirkham Abbey reservoir contains a base case 146mln barrels of oil-in-place and a best case of 283mln barrels.

Union Jack Oil PLC -
The Kirkham Reservoir also contains a base case 211.5bn cubic feet of gas

Union Jack Oil PLC (LON:UJO) has been informed by operator Rathlin Energy that the Kirkham Abbey reservoir in the West Newton project area contains a base case 146mln barrels of oil-in-place and a best case of 283mln barrels.

This liquid element is much higher than originally estimated, David Bramhill, Union Jack’s executive chairman said in a statement

Raithlin came to its conclusion after analysing a 28 metre core sample from Kirkham recovered during the recent drilling of the West Newton A2 well.

Differing rock volumes, porosities and saturations were used in this latest assessment, the company said, particularly the revised petrophysical, fluid saturation, sedimentological and diagenetic analyses.

In addition to the liquids, the Kirkham Reservoir contains a base case 211.5bn cubic feet (bcf) of gas - around 35mln oil barrels equivalent - or 265.9bcf in a best-case scenario.

"We are looking at an onshore project with potential offshore resources, and to date, West Newton is demonstrating the elements required to become a significant conventional hydrocarbon development project in the future," Bramhill added.

Union Jack Oil has a 16.67% stake in West Newton, which is East Yorkshire.

Quick facts: Union Jack Oil PLC

Price: 0.15625 GBX

AIM:UJO
Market: AIM
Market Cap: £24.13 m
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Investor Update: Union Jack's West Newton potential confirmed

Headlines from the Proactive UK newsroom. Union Jack Oil (LON:UJO) has been informed by the operator that the Kirkham Abbey reservoir in the West Newton project area contains a base case 146mln barrels of oil and up to 283mln barrels in a best case. The liquid element is much higher than...

3 weeks, 6 days ago

2 min read