REG - Union Jack Oil PLC - Wressle Update - PEDL180/182

Union Jack OilAnnouncement

19/12/2023 07:00

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RNS Number : 2061X  Union Jack Oil PLC  19 December 2023

19 December 2023

Union Jack Oil plc

("Union Jack" or the "Company")

Wressle Update - PEDL180/182

 

Union Jack Oil plc (AIM: UJO), a UK focused onshore hydrocarbon production,
development and exploration company, is pleased to provide an update in
respect of the UK onshore Wressle-1 well.

 * Environment Agency ("EA") approval has been received that allows higher
volumes of fluid to be handled at surface and at nearby water disposal
facilities, since 14 December 2023

 * Prior to EA approval, production was constrained to delivering an average of
550 barrels of oil per day ("bopd")

 * From 14 December 2023, the surface pump rate has been incrementally increased,
resulting in a material uplift in oil production rates, with a gross average
rate of 670 bopd since then, and 674 bopd recorded on 17 December 2023, over a
24 hour period

 * Jet pump is capable of handling up to 1,440 barrels of fluid per day

 * Notwithstanding the increasing oil production trend, production rates will be
carefully monitored, whilst the flow rate is gradually increased over the
coming weeks to determine the optimum oil flow rate as the well stabilises

 * Site upgrades are ongoing

 * Updated Wressle Competent Person's Report ("CPR") will be published during
January 2024

 

Union Jack holds a 40% economic interest in PEDL180 and PEDL182.

 

David Bramhill, Executive Chairman of Union Jack, commented:

"The issue of the EA permit is welcome news and is instrumental in the
optimisation of oil production rates at Wressle.

"I believe that the installation of the jet pump and additional surface
facilities at Wressle provide significant scope for a material upgrade in oil
and gas production, further supporting the Company's strong balance sheet for
many years to come.

"I look forward to updating shareholders and the market with the updated
Wressle CPR in January 2024 and on future oil production rates in due course."

 

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

 Matthew Johnson

 Richard Hail

 Kasia Brzozowska

 Shore Capital Stockbrokers Limited    +44 (0)20 7408 4090

 Joint Broker

 Toby Gibbs

 Iain Sexton

 

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