- PEDL 180 and PEDL 182 Competent Person's Report by ERCE
- Upgraded Reserves for the Ashover Grit and Wingfield Flags Formations
- Penistone Flags Contingent Resources Upgrade and Reclassification to Reserves
AIM listed Union Jack Oil, an onshore hydrocarbon production, development and exploration company, principally focused in the UK, has provided its summary of the Competent Person's Report ('CPR') for the Wressle field and Broughton North Prospect, dated 31 December 2023, prepared by ERC Equipoise ('ERCE').
The Executive Summary from ERCE's Report has been published on the Company's website www.unionjackoil.com.
Union Jack holds a 40% economic interest in PEDL180 and PEDL182.
HIGHLIGHTS
- 263% increase in 2P Reserves compared to 2016 CPR
- Reclassification of 1,883 mboe in Penistone Flags Contingent Resources to 2P Reserves
- 59% upgrade to the Ashover Grit and Wingfield Flags Estimated Ultimate Recoverable ('EUR')
- 23% upgrade to Broughton North Prospective 2U Resources
David Bramhill, Executive Chairman of Union Jack commented: 'Based on the information contained within the Wressle CPR, a 263% increase in 2P Reserves is indicated.
'Today's announcement marks the successful conclusion of the detailed technical programme that has been undertaken on Wressle and the wider PEDL180 and PEDL182 licence areas. This comprehensive programme has involved the reinterpretation of the reprocessed 3D seismic, integration of the results of the well testing programme and production data developed in the period to July 2023.
'The additional data and enhanced understanding have led to the material upgrades in the Reserves of the Ashover Grit, Wingfield Flags and Penistone Flags, and the increase in Broughton North's Prospective Resources.
'The increase in Wressle's Reserves vindicates the focus by the JV partners management of the field's production to maximise recoverable volumes. This provides further support to the development approach we have undertaken to date.
'The installation of artificial lift on the Wressle-1 well marked the start of the next phase of Wressle's development, which will also focus on the export of gas production to the UK National Transmission System, recently approved by the JV.
'Following the identification of the material increase in Reserves and Resources, we look forward to 2024 with enthusiasm, where we expect to be able to continue to crystallise the potential additional value of Wressle for the benefit of UJO's shareholders.'
Click here for full announcement
Source: Union Jack Oil
