REG - Union Jack Oil PLC - Wressle Update PEDL180/PEDL182

Union Jack OilAnnouncement

31/08/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230831:nRSe8505Ka&default-theme=true

RNS Number : 8505K  Union Jack Oil PLC  31 August 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.

31 August 2023

 

Union Jack Oil plc

("Union Jack" or the "Company")

Wressle Update PEDL180/PEDL182

 

Union Jack Oil plc (AIM: UJO) a UK focused onshore hydrocarbon production,
development and exploration company, is pleased to announce that operations
have commenced on the Wressle-1 well to install a downhole jet pump and
associated surface facilities as part of the planning to optimise future
production.

Union Jack holds a 40% economic interest in the Wressle development.

Operations began with a slickline programme, which has now been completed,
where downhole pressure and temperature gradients were acquired. The work
programme includes recompleting the well for the installation of a downhole
jet pump and the siting of associated surface equipment.

The operations are scheduled to take approximately three weeks and production
from Wressle-1 is expected to be reinstated during late September 2023.

Data obtained from these activities will be incorporated into the ongoing work
by ERC Equipoise Ltd and the expected beneficial impact on production of the
artificial lift from the jet pump will be included within their independent
Competent Person`s Report, the details of which will be announced once this
work is completed.

 

David Bramhill, Executive Chairman, commented: "Industry sources indicate that
over 90% of oil wells employ artificial lift during their life-cycle,
therefore, the natural sequence of the installation of a jet pump on the
Wressle-1 well offers a reliable method of ensuring the continued operation
and the optimisation of its future production performance."

 

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                       +44 (0)20 7408 4090
 Joint Broker
 Toby Gibbs
 Iain Sexton

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCWPUAURUPWGAU