TIDMUJO
RNS Number : 8814S
Union Jack Oil PLC
11 November 2019
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement
11 November 2019
Union Jack Oil plc
("Union Jack" or the "Company")
Upgraded Operator Volumetrics for the West Newton Kirkham Abbey
Reservoir
Union Jack Oil plc (AIM: UJO), a UK focused onshore conventional
hydrocarbon production, development and exploration company is
pleased to announce an update from Rathlin Energy (UK) Limited (the
"Operator"), in respect of the estimated in-place oil and gas
volumetrics of the Kirkham Abbey reservoir in the West Newton
project area, contained within PEDL183.
The Operator has undertaken a number of core, geochemical and
other technical studies, which are outlined in this announcement,
and re-evaluated the volumetrics of the West Newton Kirkham Abbey
reservoir, utilising data from the West Newton A-1 discovery well
and the data available to date, from the West Newton A-2 appraisal
well.
Highlights
-- Re-evaluation of data indicates a material upgrade in liquid
hydrocarbons contained in the Kirkham Abbey reservoir in the West
Newton project area
-- Base Case:
o Liquids: 146.4 million barrels ("mm bbl") of stock tank oil
initially in-place ("STOIIP")
o Gas: 211.5 billion cubic feet ("bcf") of gas initially
in-place ("GIIP")
-- Upside Case:
o Liquids: 283.0 mm bbl STOIIP
o Gas: 265.9 bcf GIIP
Revised Volumetric Assessment
Based on the well and test data, and subsequent analysis to
date, the Operator has provided updated volumetric estimates for
two scenarios, a Base Case and an Upside Case, resulting in the
following in-place estimates:
Base Case and Upside Case In-Place Volumes
Case Liquids Gas
(mm bbl) (bcf)
============= ========== =======
Base Case 146.4 211.5
============= ========== =======
Upside Case 283.0 265.9
============= ========== =======
Source: Operator data
Note: Union Jack holds a 16.665% interest in PEDL183
Basis for Re-Evaluation of the Kirkham Abbey Reservoir
-- Differing rock volumes, porosities and saturations, based on
direct measurement and analogue data, has been used in arriving at
the in-place hydrocarbon estimates;
-- Evaluation of drilling results from the West Newton A-2 well,
particularly the revised petrophysical, fluid saturation,
sedimentological and diagenetic analyses;
-- Identification of the oil leg in the Kirkham Abbey reservoir
in the West Newton A-2 well, based on geochemical analysis of the
gas and fluid samples, core fluorescence and surface samples,
including results obtained from the Pulsed-neutron Raptor tool;
-- 28 metre core sample through the Kirkham Abbey interval,
which yielded important sedimentological and depositional data and
core analysis.
About PEDL183
PEDL183 covers an area of 176,000 acres and is situated in East
Yorkshire, within the Southern Permian Basin. Union Jack holds a
16.665% interest in this licence, which contains the West Newton
A-1 discovery well and the West Newton A-2 appraisal well.
In the United Kingdom, the carbonates of the Southern Permian
Basin have targeted and produced onshore and offshore in the
Southern North Sea Gas Basin. These carbonates have been
extensively explored and produced onshore in the Netherlands,
Germany and Poland, which provide several direct analogues for
PEDL183 and West Newton.
David Bramhill, Executive Chairman of Union Jack, commented:
"The results of the Operator's analysis confirm that the
estimated in-place hydrocarbon volumes at West Newton comprise a
significant proportion of liquids, which represent a material
increase over and above those figures provided by the existing
CPR.
"We are looking at an onshore project with potential offshore
resources, and to date, West Newton is demonstrating the elements
required to become a significant conventional hydrocarbon
development project in the future."
Competent Person's Statement
In accordance with the "AIM Rules - Note for Mining and Oil and
Gas Companies," the information contained within this announcement
has been reviewed and signed off by Graham Bull, Non-Executive
Director, who has over 46 years of international oil and gas
industry experience.
For further information, please contact:
Union Jack Oil plc +44 (0)7801 540 358
David Bramhill
SP Angel Corporate Finance
LLP +44 (0)20 3470 0470
Nominated Adviser and Broker
Richard Morrison
Richard Hail
Stephen Wong
Blytheweigh Communications
Limited +44 (0)20 7138 3204
Financial PR
Tim Blythe
Megan Ray
Jane Lenton
Cassiopeia Services Ltd +44 (0)7949 690 338
Public Relations
Stefania Barbaglio
Definitions
Stock tank oil initially in-place The total amount of crude oil present in a hydrocarbon reservoir before the
("STOIIP") commencement of
or any production. STOIIP includes a quantity of petroleum that is estimated, as of a
Oil in Place given date,
("OIP") to be contained in known accumulations, prior to production, plus those estimated
quantities
in accumulations yet to be discovered. A portion of the STOIIP is considered
undiscovered
and there is no certainty that any portion of such undiscovered resources will be
discovered.
If discovered, there is no certainty that it will be commercially viable to produce
any portion
of such undiscovered resources. With respect to the portion of the STOIIP that is
considered
discovered resources, there is no certainty that it will be commercially viable to
produce
any portion of such discovered resources.
Gas initially in-place An estimated measure of the total amount of gas contained in a reservoir before any
("GIIP") extraction
or production and, as such, a higher figure than Recoverable Gas.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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