Business
Extension of Licence PEDL 143
Extension of Licence PEDL 143.
About this update from Union Jack Oil Plc
[{"type":"text","content":"\n \nRNS Number : 2649C Union Jack Oil PLC 27 June 2016 \n\n \nUNION JACK OIL PLC\n(AIM: UJO)\nExtension of Licence PEDL 143, the Weald Basin\n \nUnion Jack Oil plc (\"Union Jack\" or \"the Company\"), an onshore oil and gas production and exploration company with a focus on drilling, development and investment opportunities in the United Kingdom hydrocarbon sector, notes that Europa Oil & Gas (Holdings) plc (\"Europa\") has released an RNS regarding the PEDL143 in the Weald Basin, Surrey. Union Jack acquired a 7.5% economic interest in PEDL143 in May 2016. The acquisition remains subject to Oil and Gas Authority approval.\nEuropa's RNS contained the following information:\nEuropa Oil & Gas (Holdings) plc, the AIM listed oil and gas exploration, development and production company focused on Europe, is pleased to announce it has received notification from the Oil & Gas Authority that the PEDL 143 Licence in the Weald Basin, Surrey, UK, has been extended by two years until 1 October 2018. This will enable Europa to drill the conventional Holmwood prospect ('Holmwood'), which has estimated gross mean unrisked prospective resources of 5.6 million barrels of oil ('mmbo') in Portlandian and Corallian sandstones and a P90 - P10 range of resources of 1 to 11mmbo, in late 2016 / H1 2017, subject to funding. \nPEDL143 is located in an area of the Weald Basin where 30 million barrels have been produced to date from 14 oil and gas fields. The Holmwood prospect is located 5km to the south of the Brockham oil field, which was discovered by BP in 1987 and today produces oil from Portlandian sandstone reservoirs. Holmwood is also 12km to the west of the Horse Hill-1 well in PEDL137 where UK Oil & Gas Investments PLC ('UKOG') has reported production at a combined average stable rate of over 1,688 bopd from Upper and Lower Kimmeridge Limestone reservoirs and Upper Portland sandstone reservoir during flow tests.\nPlanning permission is in place for a deviated exploration well to be drilled at Holmwood which will penetrate similar stratigraphy to Horse Hill, targeting oil in Upper and Lower Kimmeridge Limestones in addition to Corallian and Portlandian sandstones. The 5.6mmbo gross mean unrisked prospective resources at Holmwood do not include any estimate for the Jurassic limestones whic...