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Union Jack Oil countdown continues to next West Newton well

The project is advancing towards drilling the main well.

Union Jack Oil PLC - Union Jack Oil countdown continues to next West Newton well

Union Jack Oil PLC (LON:UJO) told investors that the rig and equipment have been mobilised to the West Newton B-1 well site.

The company, in a statement, said that the preceding programme to drill and set was completed down to a depth of 74 metres.

READ: Union Jack raises £7mln as West Newton advances

Rigging up for the main well will take one to two weeks, before a borehole is sunk down to a depth of 2,000 metres. The programme will take six to ten weeks to complete.

West Newton B-1 is targeting the same conventional reservoirs that were encountered in the recently drilled West Newton A-2 well.

Results are expected to inform a subsequent programme of well testing to establish the well's productive capability and future drill operations.

Union Jack owns a 16.665% interest in PEDL183 which hosts the West Newton project.

Quick facts: Union Jack Oil PLC

Price: 0.1475 GBX

Market: AIM
Market Cap: £29.23 m

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