Business
Completion of Further 15% Interest in PEDL253
Completion of Further 15% Interest in PEDL253.
About this update from Union Jack Oil Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 5895Q\n Union Jack Oil PLC\n 01 March 2021\n \n \n \n \n Market Abuse Regulation (MAR) Disclosure\n \n \n 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\n \n \n \n \n 1 March 2021\n \n Union Jack Oil plc\n (\"Union Jack\" or the \"Company\")\n Completion of a Further Acquisition of a 15% Interest in PEDL253 Biscathorpe\n Submission of Planning Application for Side-track Drilling, Testing and Production\n \n Union Jack Oil plc (AIM: UJO), a UK focused onshore hydrocarbon production, development and exploration company is pleased to announce that it has completed the acquisition of a further 15% economic interest in PEDL253 containing the Biscathorpe project (\"Biscathorpe\") on the terms originally announced on 18 January 2021 and that Union Jack now holds a 45% interest in PEDL253.\n On the proposed conventional B-2Z side-track appraisal well, the Company also highlights that a Planning Application has been made for the side-track drilling operation, associated testing and, in a success case, the long-term production of hydrocarbons at the Biscathorpe-2 wellsite, with drilling planned for H2 2021, subject to planning approval.\n \n Highlights\n \n · PEDL253 is located within the proven hydrocarbon fairway of the Humber Basin, on-trend with the Keddington oilfield (Union Jack 55% interest) which produces oil from a Carboniferous Westphalian aged reservoir\n \n · Union Jack now holds a 45% interest in PEDL253 containing the Biscathorpe project\n \n · Oil bearing Dinantian Carbonate reservoir of 68 metres has been confirmed by independent petrophysical analysis and geochemical analyses of cuttings samples carried out by APT confirms the presence of 33-34 API gravity oil\n \n · Dinantian carbonate oil play has Gross Mean Stock Tank Oil Initially in Place (\"STOIIP\") of 24.3 million barrels of oil (\"mmbo\") with an upside of case of 36 mmbo\n \n · Evidence from reprocessed 3-D seismic for a thickened Basal Westphalian Sandstone reservoir interval is apparent with Gross Mean Prospective Resources associated with the Westphalian target total 3.95 mmbo with an upside case of 6.69 mmbo and, where economic modelling of the Westphalian targ...