REG - Union Jack Oil PLC - Wressle Update - Community Liaison Group Meeting

Union Jack OilAnnouncement

16/03/2023 07:00

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RNS Number : 1313T  Union Jack Oil PLC  16 March 2023

 This announcement contains inside information for the purposes of Article 7
of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic
law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the Company's obligations under Article 17 of
MAR.

 

 

16 March 2023

Union Jack Oil plc

("Union Jack" or the "Company")

Wressle Update - Community Liaison Group Meeting

 

Union Jack Oil plc (AIM: UJO) a UK focused onshore hydrocarbon production,
development and exploration company is pleased to provide an update on
operations at the Wressle oilfield presented by Egdon Resources plc ("Egdon")
at the Community Liaison Group ("CLG") meeting held on the evening of 15 March
2023.

Union Jack holds a 40% economic interest in PEDL180 and PEDL182 containing the
Wressle development.

At the meeting the following information was shared with members of the CLG:

Operations

·   The Wressle-1 well has continued to flow oil and associated gas at
production rates above forecast expectations made ahead of the successful
Proppant Squeeze operation, conducted in August 2021

·      Total production from Wressle has now exceeded 390,000 barrels of
oil

·      No water has been produced to date

·      Three microturbines were connected during January and February
and are now fully operational

·      An extended period of fine tuning and testing of the
microturbines to determine the impact on production is currently ongoing

·    The Environment Agency continues to monitor Egdon's production
operation through regular visits to the Wressle site, the most recent being on
the 22 February 2023, with no issues identified by the Regulator

·      There have been no accidents or spillages since the start of
production on the Wressle site

·    Groundwater and surface water monitoring has continued and latest
results up to end December 2022, have been published on Egdon's newly revamped
community website (http://www.egdon-community.com/active-sites)

 

Forward Plan

 

·    During the second half of 2022, Egdon undertook an exercise to
reprocess the 3D seismic data over the field

·    The new data has been interpreted and mapped with the objective of
identifying reservoir targets for drilling an additional well/wells at the
earliest opportunity, subject to receipt of regulatory approval

·      The next new well/wells will likely be drilled from the existing
Wressle wellsite

·      A new Competent Person`s Report has been commissioned
incorporating the new field interpretation and production performance data.
This will consider all oil and gas bearing formations at Wressle

 

Community Fund

·      The Wressle Community Fund has been operating since early 2022

·    In  August 2022, the operation of the fund was transferred to
Broughton Community and Sports Association (BCSA) which runs the fund to meet
the needs of local charities and community groups

·      Groups which are outside the remit of the BCSA can still apply
directly to Egdon for funding from a smaller pot which is retained to meet
these needs

·     The Wressle Partners are making £100,000 a year available to local
groups though these two funding pots

·      The first of three windows per year for the Wressle Community
Grant closed on 31 December 2022, with 12 applications received amounting to
£42,029.60

·    The Wressle Partners provided additional funding of c. £5,500 to
allow all eligible applications to be granted

 

For further information, please contact:

 

Union Jack Oil
plc
info@unionjackoil.com

David Bramhill

 

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

Nominated Adviser and Joint Broker

Kasia Brzozowska

Matthew Johnson

Richard Hail

 

Shore
Capital
 +44 (0)20 7408 4090

Joint Broker

Toby Gibbs

Iain Sexton

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