Union Jack Oil plc
(AIM: UJO)
Wressle-1 Commencement of Extended Well Test
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 regarding the commencement of an Extended Well Test ("EWT") at the Wressle-1 oil and gas discovery in licence PEDL180 located to the east of Scunthorpe.
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 an Extended Well Test ("EWT") at the Wressle-1 oil and gas discovery in licence PEDL180, located to the east of Scunthorpe, where Egdon operates with a 25% interest.
During initial testing, the Wressle-1 well produced oil and gas from three discrete reservoir intervals, the Ashover Grit, the Wingfield Flags, and the Penistone Flags as previously reported. At the end of those test operations, a completion was installed in the well to cater for a subsequent pumped EWT over the oil productive zones in the Ashover Grit and the Penistone Flags.
Surface facilities and other equipment required for the EWT including a beam pump ("nodding donkey"), down-hole pump, and pump rods have now been installed.
The EWT will focus first on the Ashover Grit, which will be tested for up to 28 days to determine production rates under pumped conditions. During February this zone flowed 80 barrels of oil per day ("bopd") and 47 thousand cubic feet of gas per day during a 16 hour main flow period. The oil is of good quality with a gravity of 39-40° API.
The Ashover Grit will then be isolated and the oil leg in the Penistone Flags tested for up to 28 days, again to determine production rates under pumped conditions
We will inform shareholders of progress at key points during the EWT, with the first update anticipated to be the results of the pumped testing of the Ashover Grit.
Commenting on the commencement of the EWT at Wressle, Mark Abbott Managing Director of Egdon Resources said;
"The earlier testing of the Wressle-1 discovery in Q1 2015 was very successful with combined production rates of 710 barrels of oil equivalent per day from the four zones tested.
We now look forward to the results of this EWT programme which will provide further valuable information on the Ashover Grit and Penistone Flags reservoirs and enable us to determine commerciality and optimise potential field development and monetisation options for the Wressle discovery."
David Bramhill, Executive Chairman of Union Jack Oil plc, commented:
"We look forward to the results of the Extended Well Test programme, which will hopefully confirm the commerciality of the Wressle-1 discovery and lead to optimum potential field development and monetisation in due course".
For further information please contact the following:
Union Jack Oil plc David Bramhill |
+44 (0) 77871 60682 |
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Shore Capital Nominated Adviser Bidhi Bhoma, Edward Mansfield Corporate Broking Jerry Keen |
+44 (0) 20 7408 4090 |
SP Angel Joint Broker Richard Hail |
+44 (0) 20 3470 0470 |
Yellow Jersey PR Limited Public Relations Dominic Barretto Kelsey Traynor |
+44 (0)7768 537 739 +44 (0)7799 003 220 |
