Union Jack Oil (LON:UJO) is a stock I added last year and conducted a Q&A article with the Executive Chair Mr David Bramhill, since then it's been mixed fortunes with a disappointing Burton on Would Well and testing delay for the Wressle-1 discovery, however as we all know you need luck in this game and early indications show that the Wressle-1 onshore UK could be goer for Union Jack Oil (LON:UJO). As I write this piece two of the three zones of the Wressle-1 oil discovery in licence PEDL180 in Lincolnshire have been reported to date where Union Jack holds an 8.33 per cent interest in PEDL180.
As we know in this game there are no certainties and it's still early days for this well, but so far it's so good for Union Jack Oil alongside its AIM listed JV partners Europa Oil And Gas Holdings (LON:EOG) (33%) and the operator Egdon Resources (LON:EDR) (25%) as they move on to test the final zone of the tree intervals, and that being the Penistone Flags. On analysis of the preliminary petrophysical evaluation of the log data, the Penistone Flags was the largest potential zone and indicated the presence of potential hydrocarbon pay in up to 19.8 metres measured thickness (15.9 metres vertical thickness).
Testing from the bottom up the lowest zone, Ashover Grit reservoir, where an interval of 9.5 metres was perforated and following an initial "clean-up" flow, free flowing oil production rates equivalent to 80 barrels of oil per day were achieved during a 16 hour main flow period along with 47 thousand cubic feet of gas per day.
Moving on testing form the Ashover Grit reservoir, test operations have now been reported for the Wingfield Flags reservoir, where oil production rates equivalent of up to 182 barrels of oil per day of and as per the Ashover Grit reservoir good quality 39-40 API oil were achieved on free flow, along with up to 456 thousand cubic feet of gas per day within the Wingfield Flags.
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