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Union Jack Oil cheers spud of West Newton B-1 appraisal well

The 2,000-metre drill programme will run for six to ten weeks

Union Jack Oil PLC - Union Jack Oil cheers spud of West Newton B-1 appraisal well

Union Jack Oil PLC (LON:UJO) announced that drilling has begun on its 16.665% owned potentially high impact West Newton B-1 well in east Yorkshire.

It is an appraisal well designed to follow-up the successful West Newton A-2 discovery well.

West Newton B-1 will be drilled down to a depth of around 2,000 metres over a period of six to ten weeks, the group said.

READ: Union Jack Oil raises £7mln in oversubscribed placing

The project’s base case envisages some 146.4mln barrels of oil initially in place, with gas initially in place seen as 211.5bn cubic feet – whereas an ‘upside’ assessment sees 283mln barrels and 265bn cubic feet.

The well is also going to test the deeper Cadeby formation which is currently excluded from the above estimates, but, according to Union Jack, could significantly add to the value of the West Newton field.

West Newton is located close to existing infrastructure and is at the heart of the Zero Carbon Humber project.

The company noted that all operations are being conducted in accordance with coronavirus (COVID-19) related guidance and restrictions.

Sachin Oza, co-chief executive of Reabold Resources - a 56% economic stakeholder in the well - in a separate statement, said: "With the drilling of the West Newton B-1 well having commenced, we are a key step closer to proving up the significant resource base we believe we have at West Newton.”

Quick facts: Union Jack Oil PLC

Price: 0.1365 GBX

Market: AIM
Market Cap: £27.11 m

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