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Commencement of Drilling Operations at West Newton
Commencement of Drilling Operations at West Newton.
About this update from Union Jack Oil Plc
[{"type":"text","content":"\n \nRNS Number : 2123X Union Jack Oil PLC 26 April 2019 \n\nMarket Abuse Regulation (MAR) Disclosure\nCertain 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\n \n26 April 2019\n \nUnion Jack Oil plc\n(\"Union Jack\" or the \"Company\")\nCommencement of Drilling Operations at West Newton PEDL183\nUnion Jack Oil plc (AIM: UJO), a UK focused on-shore hydrocarbon production, development and exploration company is pleased to announce the commencement of conventional drilling operations at West Newton, located within PEDL183 in East Yorkshire and within the Western sector of the Southern Zechstein Basin. PEDL183 is operated by Rathlin Energy (UK) Limited.\nThe West Newton A-2 appraisal well, targeting the Kirkham Abbey Shoal and Cadeby Reef formations for gas and oil respectively, was spudded at 01:45 on 26 April 2019.\nUnion Jack has a 16.665% interest in PEDL183 which contains the significant West Newton A-1 gas discovery with a gross Best Estimate Contingent Resource of 189 billion cubic feet of gas equivalent within the Kirkham Abbey Shoal formation. In addition, there is considerable upside potential from the lower, Cadeby Reef formation, oil exploration target underlying the gas reservoir, with a gross Best Estimate Prospective Resource of 79.1 million barrels of oil equivalent.\nThe West Newton A-2 appraisal well will be drilled to a total depth (\"TD\") of approximately 2,061 metres below ground level and is expected to take circa 40 days to reach TD.\nThe West Newton A-2 appraisal well is fully funded and has a combined geological and commercial Probability of Success of in excess of 60% and 26% over the Kirkham Abbey Shoal and Cadeby Reef formations respectively.\nDavid Bramhill, Executive Chairman of Union Jack, commented:\n\"West Newton is a near term, and potentially high impact project which, if successful would deliver a major UK onshore gas development.\n\"The well is fully funded from existing cash resources, and in preparation of success, also funded for any long-term gas production test, plus further technical and initial conceptual commercial studies.\n\"We look forward to a safe and successful drilling campaign and to reporting preliminary results fro...