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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Oil price, Union Jack/Reabold, SDX. And finally…WTI $102.98 +$7.94, Brent $106.64 +$8.62, Diff -$3.66 +98c, NG $4.99 +24c, UKNG 256.2p +2.3pOil priceA sharp rise in crude yesterday as there were admittedly vague stories of China giving supp
Here’s Proactive’s round-up of the top financial stories of the day, with helpful links taking you directly to the news
An extension has been granted to allow further exploratory drilling at the West Newton B site
It comes as the company sees “an excellent current performance" at the Wressle field.
Current daily production ranges from 600 to in excess of 700 barrels of oil per day
An appeal is planned to be submitted later in the current quarter.
Production rates at Wressle could double if facilities can be changed, according to ERCE.
"We are encouraged by the RPS review which continues to underline West Newton's potential as a material hydrocarbon producer,” said David Bramhill.
"We believe that Wressle holds considerable further upside which will be demonstrated over the foreseeable future," said chairman David Bramhill
The highlight of the statement was the performance of the Wressle onshore well, which is performing well ahead of expectations in spite of flowing under a highly restricted choke
It is expected that a new planning application, for a smaller site, will be submitted before the end of 2021
“The impressive performance at the company’s Wressle project is yielding material cash flows to the business enabling Union Jack to capture the current elevated oil price environment.”
Wressle's expectation-beating performance amid strong oil pricing is financially transformational for Union Jack, the company highlighted
Data gathered through testing has led to new estimates for the project' in-place resources, with some 113mln barrels and 50.6bn cubic feet of gas indicated.
It is one of two well sites connected to the West Newton.
The funding was launched after the recent excellent performance at Wressle, which has yields volumes of 950 barrels per day versus expectations for around 500 bpd
Wressle is currently the second-largest producing oilfield in the UK, in terms of daily production
New investments could further boost Union Jack's cash flows
“If Wressle is only half as good as we anticipate, then we will be hearing much more about this development for many years to come,” David Brahmill said
A surmountable issue aside SP Angel analyst says there are substantial hydrocarbons in place at West Newton, as it repeated a 'strong buy'.
