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Union Jack Oil eyes “considerable upside” at West Newton project

"There remains considerable upside in the opinion of Union Jack`s management especially with the Ellerby and Spring Hill Prospects being on-trend with West Newton," said chairman David Bramhill

Union Jack Oil PLC - Union Jack Oil eyes “considerable upside” at West Newton project

Union Jack Oil PLC (LON:UJO) chairman David Bramhill has said that, in the company’s opinion, considerable upside remains in the West Newton project in Yorkshire.

The company's chairman made the comments as the group relayed details from a new technical presentation about the results of the West Newton B-1 and B-1Z appraisal wells.

It noted that the presentation gave new significant technical data that is material to the ongoing commercial evaluation of the West Newton project.

READ: UJO reports progress in West Newton planning

The presentation displays the locations of the West Newton A-1, A-2, B-1, B-1Z wells along with the proposed location of the yet-to-be-drilled B-2 well. Planning permission is in place for B-2 and it is presently slated for drilling in the second half of 2021, Union Jack Oil noted.

The presentation includes insights into the quality of seismic imaging, excellent well log results from the B-1Z well (exceeding company expectations) and analysis of core taken from the B-1Z well.

“Following the drilling of the successful B-1Z appraisal well, the technical summary of the West Newton project, provided on the Union Jack website, is the result of extensive evaluation by technical teams at Rathlin Energy, Reabold Resources and Union Jack, all whom have contributed additional materiality to our technical understanding of West Newton,” Bramhill said in a statement.

"There remains considerable upside in the opinion of Union Jack`s management especially with the Ellerby and Spring Hill Prospects being on-trend with West Newton. We look forward to reporting further progress on this compelling onshore conventional project in due course."

Union Jack Oil owns a 16.66% interest in the West Newton project, which is operated by Rathlin Energy.

The project spans some 176,000 acres located to the north of the river Humber.

Quick facts: Union Jack Oil PLC

Price: 0.1519 GBX

AIM:UJO
Market: AIM
Market Cap: £30.1 m
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