leadf
logo-loader
viewUnion Jack Oil PLC

Union Jack Oil gets green light to up Wressle stake

“The expected transformative economic effect on the company once commercial production is established will be welcomed and will be a major catalyst in achieving our goal of propelling Union Jack to mid-tier status,” said UJO chairman David Bramhill

Union Jack Oil PLC -

Union Jack Oil PLC (LON:UJO) said the Oil and Gas Authority has given the green light to its acquisition of a 12.5% additional stake in the onshore licences that host the Wressle operation in Lincolnshire.

It takes UJO’s holding to 40%, providing 200 barrels of additional daily output if Wressle comes on stream at an initial rate of 500 barrels a day.

Break-even at US$17.62 a barrel, Wressle will be a significant money-spinner with oil trading at around US$40 a barrel.

Operator Egdon Resources Plc (LON:EDG), meanwhile, is currently overseeing the construction of a reconfigured site to bring the well on-stream in the second half of the year.

“The expected transformative economic effect on the company once commercial production is established will be welcomed and will be a major catalyst in achieving our goal of propelling Union Jack to mid-tier status,” UJO chairman David Bramhill said in a statement

In addition to Wressle, the company has three other “material projects”. They are:

  • West Newton, where preparations are underway for the drilling of the B-1 appraisal well, and the resumption of the extended well test at the successful West Newton A-2 well
  • Biscathorpe discovery, “which has the potential to be another important project”
  • Keddington, “where there remains, in the management's opinion, considerable potential to increase production”

Quick facts: Union Jack Oil PLC

Price: 0.1625 GBX

AIM:UJO
Market: AIM
Market Cap: £32.2 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Union Jack Oil PLC named herein, including the promotion by the Company of Union Jack Oil PLC in any Content on the Site, the Company receives...

FOR OUR FULL DISCLAIMER CLICK HERE

Canntab Therapeutics received purchase order from Australia while also...

Canntab Therapeutics (CSE: PILL-OTCQB: CTABF) CFO Richard Goldstein joined Steve Darling from Proactive Vancouver with news the company has announced the launch of its suite of hard pill cannabinoid formulations in Australia with its partner CANN Global Ltd. Goldstein takes Proactive through...

2 hours, 35 minutes ago

2 min read