Union Jack Oil
UK-focused oil and gas producer Union Jack Oil (AIM:UJO) has continued to profit from the highly successful resumption of production at its flagship Wressle asset, generating revenues underpinning plans for future ventures.
The company’s flagship asset remains its 40pc interest in the PEDL180 and PEDL182 Wressle Oilfield Development located by the Humber Basin. Since the resumption of production just over two years ago the Wressle-1 well discovery has produced nearly 500,000 barrels of oil from the Ashover Grit formation, which a 2016 CPR forecasts to have gross volumes of 2P 0.54 MMstb and 3P 1.12 MMstb. Evaluations are continuing in order to deliver a full Field Development Plan that will maximise hydrocarbon recoveries from the Ashover Grit, Wingfield Flags, Penistone Flags and other associated prospects. Production was paused earlier this year to allow flow-rate optimisation, including operations to minimise the well’s water cut, but was resumed last month. Earlier this month the company received Environment Agency approval to allow Wressle-1’s production to exceed 550 bopd.
Union Jack Oil plc (LON:UJO) is an onshore oil and gas exploration company with a focus on drilling, development and investment opportunities in the United Kingdom hydrocarbon sector.
