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Union Jack Oil’s West Newton appraisal well confirms substantial hydrocarbon column

Executive chairman David Bramhill said the initial well result has exceeded the company’s expectations.

Union Jack Oil PLC - Union Jack Oil’s West Newton appraisal well confirms substantial hydrocarbon column

Union Jack Oil PLC (LON:UJO) told investors that its 16.665% owned West Newton B1Z appraisal well in Yorkshire has encountered a substantial hydrocarbon column.

West Newton B1Z is an appraisal of the discovery made previously in the WNA-1 well which is located some 2.5 kilometres away, to the south.

This well result so far de-risks the project and is described by the company as “a significant step forward” towards development.

The hydrocarbon column is seen to span 62 metres gross albeit, pending confirmation of data, the company said in a statement, highlighting scope for the overall hydrocarbon column to considerably exceed the currently identified interval.

WATCH: Extended interview with David Bramhill

It added that the hydrocarbon-water point has yet to be determined at the West Newton project.

Production casing has been installed as preparation for a flow testing programme.

Executive chairman David Bramhill said the initial well result has exceeded the company’s expectations.

"There remains an extensive number of technical studies to be carried out to complete analysis of the WNB1Z well data, including correlation of the A1, A2 and B1Z well results and updated resource volumetric estimates, all of which will have a bearing on the planning and timing of the testing programme which is the next important milestone in determining the development potential of the West Newton project,” he added.

"The preliminary results from this well vindicate Union Jack`s faith and financial commitment over the past two years to what Union Jack`s management has always believed to be an exceptional UK onshore hydrocarbon enterprise."

Quick facts: Union Jack Oil PLC

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Price: 27 GBX

Market Cap: £26.75 m

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