Commencement of Drilling Operations - Wressle-1

RNS Number : 7991M

Union Jack Oil PLC

21 July 2014

 

Union Jack Oil plc

(AOM: UJO)

Commencement of Drilling Operations - Wressle-1 exploration well (PEDL180)

Union Jack Oil plc ("Union Jack" or "the Company"), an onshore oil and gas exploration company with a focus on drilling, development and investment opportunities in the United Kingdom hydrocarbon sector, notes that Egdon Resources PLC ("Egdon") has released an RNS announcing commencement of drilling in respect of the Wressle-1 exploration well on PEDL180.

Union Jack holds an 8.33 per cent interest in PEDL180.

Egdon`s RNS contained the following information.

"Egdon Resources plc (AIM:EDR) is pleased to announce the commencement of drilling operations at the Wressle-1 conventional oil exploration well in Lincolnshire Licence PEDL180 located to the East of Scunthorpe. 

The Wressle-1 well "spudded" at 0300 hours on 19 July 2014. Drilling operations are expected to take around 38 days.

The planned well will be drilled as a deviated well to a total depth of about 2,300 metres (ca. 1,850 metres TVDSS). It has been designed to intersect a number of prospective Upper Carboniferous age sandstone reservoirs in a structurally favourable position near the crest of the Wressle structure.

The Wressle Prospect is defined on proprietary 3D seismic data, which was acquired by Egdon in February 2012.  The Prospect is located on trend with the producing Crosby Warren oil field and the Broughton-B1 oil discovery, both to the immediate northwest, and the Brigg-1 oil discovery to the immediate southeast.  All contain oil in various different sandstone reservoirs within the Upper Carboniferous succession. The gross mean Prospective Resources at Wressle, as calculated by Egdon, are estimated to be 2.1 million barrels of oil.

The interests in PEDL180 and the Wressle-1 well are:

Egdon Resources U.K. Limited                               25.00% (Operator)

Celtique Energie Petroleum Limited                         33.33%

Europa Oil & Gas Limited                                       33.34%

Union Jack Oil plc                                                  8.33%

Operations at this site will not - either now or in the future - involve the process of hydraulic 'fracking' for shale gas."

For further information please contact the following:

Union Jack Oil plc

David Bramhill                                                             [phone]

Shore Capital

Nominated Adviser                                                      [phone]

Bidhi Bhoma, Edward Mansfield

Corporate Broking

Jerry Keen

Northland Capital                                                      [phone]

Joint Broker

Gavin Burnell, Alice Lane

Yellow Jersey PR Limited

Public Relations

Dominic Barretto                                                          [phone]

Kelsey Traynor                                                            [phone]

 

END

 

 

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