Union Jack Oil highlights progress in West Newton planning process
The partners in West Newton seek planning approval to produce from the two existing wells and drill up to six further wells
Company
LON:UJO
Union Jack Oil PLC is an oil and gas company with a focus on onshore production, development, exploration and investment opportunities within the United Kingdom and the United States of America hydrocarbon sector.
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The partners in West Newton seek planning approval to produce from the two existing wells and drill up to six further wells
Biscathorpe presents a material and commercially viable opportunity that remains untested, the company said
The start-up of Wressle will be a long-awaited and important catalyst for Union Jack Oil
There was a steady flow of news from London's oilers again this week
Results were much better than the forecasts beforehand said the broker,
Executive chairman David Bramhill said the initial well result has exceeded the company’s expectations.
The oil field start-up is said to be at an advanced stage despite supply chain challenges amidst the pandemic and the upcoming festive period
Findings from the drill programme will inform optimal locations for future development wells
The plan is to drill via sidetrack from the suspended Biscathrope-2 well
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Oil rallied yesterday, economic data from China was better than expected, imports of 11.8m b/d in September were up 5.5%m/m and 17.5% y/y which rather flies in the face of those who suggest that China demand is over. US retail gasoline was
The plan now is to execute a new farm-out ahead of a well drilling programme, slated for 2021
The 2,000-metre drill programme will run for six to ten weeks
The project is advancing towards drilling the main well.
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It was another busy week for the small-cap oil and gas sector
Union Jack's cash position increases to approximately £11mln
"We have seen significant progress at our three key project interests, namely West Newton, Wressle and Biscathorpe”
In a statement, Union Jack said it is funded for drilling at West Newton and for the associated extended well test activity
The North Kelsey-1 site is located within the PEDL241 licence, in which Union Jack owns a 20% stake
Back in June, Humber and Egdon said they looked forward to co-operating in the development of the licence.
It was another active week in the small-cap oil and gas sector