REG - Union Jack Oil PLC - West Newton Update

Union Jack OilAnnouncement

24/09/2024 07:00

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RNS Number : 3280F  Union Jack Oil PLC  24 September 2024

24 September 2024

 

 

Union Jack Oil plc

("Union Jack" or the "Company")

West Newton Update

 

Union Jack Oil plc (AIM: UJO, OTCQB: UJOGF), a UK and USA focused onshore
hydrocarbon, production, development, exploration and investment company notes
today's announcement from Rathlin Energy U.K. Limited ("Rathlin") regarding
the West Newton gas development project, located within PEDL183, onshore UK in
East Yorkshire.

Rathlin, operator of the licence, has been informed by the Environment Agency,
that its application on behalf of the Joint Venture partnership for the
recompletion of the West Newton A-2 well has been 'Duly Made'.

Union Jack holds a 16.665% interest in PEDL183.

Highlights

·    The recompletion is designed to overcome well bore damage that was
sustained during drilling and earlier drilling operations

·    This is a low-cost means of further derisking the sub-surface element
of the West Newton project and gathering data to input into the design of a
horizontal production well

·    The West Newton domestic gas development opportunity will form part
of the transition to a low-carbon footprint for the UK's energy sector

For the recompletion of the West Newton A-2 well to proceed, Rathlin is
required to obtain consent from the North Sea Transition Authority and receive
a permit from the Environment Agency.

Union Jack is fully funded for the proposed recompletion.

The full text of Rathlin's announcement can be found on its website:
https://www.rathlin-energy.co.uk/latest-update/
(https://www.rathlin-energy.co.uk/latest-update/)

For further information, please contact:

Union Jack Oil plc
 
info@unionjackoil.com (mailto:info@unionjackoil.com)

David Bramhill

 

SP Angel Corporate Finance
LLP
+44 (0)20 3470 0470

Nominated Adviser and Joint Broker

Matthew Johnson

Richard Hail

Caroline Rowe

 

Shore
Capital                                                                                                +44
(0)20 7408 4090

Joint Broker

Toby Gibbs

Harry Davies-Ball

 

Gneiss Energy
Limited
          + 44 (0)20 3983 9263

Financial Adviser

Jon Fitzpatrick

Paul Weidman

 

Harbour Access
 
  +1 (475) 477 9402

USA Investor Relations

Jonathan Paterson

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