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.