Business
Fiskerton Airfield Acquisition Update
Fiskerton Airfield Acquisition Update.
About this update from Union Jack Oil Plc
[{"type":"text","content":"\n \nRNS Number : 9052W Union Jack Oil PLC 20 November 2017 \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 \n20 November 2017\nUNION JACK OIL PLC\n(AIM: UJO)\n \n Oil and Gas Authority Approval for Acquisition of Interest in Producing Fiskerton Airfield Oilfield\n \nFurther to the announcement of 6 November 2017, Union Jack Oil plc (\"Union Jack\" or the \"Company\"), a UK-focused, onshore oil and gas production and exploration company, is pleased to announce that the Oil and Gas Authority has approved the acquisition by Union Jack of a 20% economic interest in licence EXL294 containing the producing Fiskerton Airfield Oilfield (\"Fiskerton\") from the Operator, Egdon Resources plc.\n \nEXL294 is located approximately seven miles east of the City of Lincoln. Fiskerton was discovered in 1997 and cumulative production has totalled circa 440,000 barrels of oil from the most likely mapped Oil in Place of 2.2 million barrels. The oil is of good quality (35.2o API) and is exported by road tanker to a refinery at Immingham, North East Lincolnshire.\n \nThe Company`s initial review of historic 3D seismic and drill logs suggests there is upside potential in the oil resources at Fiskerton. Union Jack will fund a 3D seismic re-processing exercise on behalf of the Joint Venture to assist in re-mapping the area surrounding Fiskerton to identify further production opportunities from the reservoir. It is estimated that initial interpretations from the 3D seismic re-processing will be available H1 2018.\n \nFiskerton has suffered from a marked lack of investment over the years. Prior to acting on the initial interpretations of the 3D seismic re-processing, the Joint Venture partners plan to enhance the cash flows and profitability of Fiskerton by increasing production initially to between 30 and 40 barrels of oil per day via low cost well interventions. Workover operations are planned on both the producing FA-3 and the shut in FA-1 wells during the next few months including the installation of new tubing, pumps and the isolation of water producing zones.\n \nSubject to the resul...