Business
Timing Update - Burton on the Wolds-1
Timing Update - Burton on the Wolds-1.
About this update from Union Jack Oil Plc
[{"type":"text","content":"\n \nRNS Number : 9634R Union Jack Oil PLC 18 September 2014 \n\nUnion Jack Oil plc\n(AIM: UJO)\nTiming Update - Burton on the Wolds-1 Exploration Well (PEDL201)\n \nUnion Jack Oil plc (\"Union Jack\" or \"the Company\"), an onshore oil and gas exploration company with a focus on drilling and development opportunities in the United Kingdom hydrocarbon sector, notes that Egdon Resources plc (\"Egdon\") has released an RNS providing a timing update in respect of the conventional Burton on the Wolds-1 exploration well. Union Jack holds a 10.00 per cent interest in this well.\n \nEgdon's RNS contained the following information:\n\"Egdon Resources plc (AIM: EDR) is pleased to provide an update on the expected timing of the Burton on the Wolds-1 conventional exploration well in UK Onshore Licence PEDL201 located in Leicestershire. \nThe drilling rig and associated equipment has been demobilised from the Wressle-1 well-site following the completion of that well for future testing operations. The rig will now drill a single well for Alkane Energy plc, which was deferred to enable the Wressle-1 well to be drilled, before then mobilising to Burton on the Wolds. Well-site construction at Burton on the Wolds has been completed and it is anticipated that operations will commence by mid-October.\nWe will provide a further update to shareholders on commencement of drilling operations.\nThe Burton on the Wolds Prospect is defined on proprietary 2D seismic data which was acquired by Egdon in May 2011. Evaluation has highlighted a conventional oil prospect with targets at two distinct Carboniferous stratigraphic levels. The shallower target, the Rempstone Sandstone, is productive at the nearby Rempstone oil field. A seismic anomaly, possibly indicative of a carbonate reef, underlies the Rempstone Sandstone and provides a deeper secondary target. The mean combined Prospective Resources for the two target objectives, as calculated by Egdon are estimated to be 3.8 million barrels of oil.\nThe planned vertical well will be relatively shallow with a drilled depth of around 1,000 metres. It has been designed to intersect both targets in a structurally favourable position near the crest of the Burton on the Wolds structure.\nThe interests in Licence PEDL201 and the Burton on the Wolds-1 well are:\n \n\n\...