Union Jack Oil says Wressle is outperforming ‘over and above’ expectations

[source Union Jack Oil]

Union Jack Oil (UJO ) said it is confident that a recent report commissioned by Gaffney Cline will assist in highlighting the true upside potential of the Wressle hydrocarbon development.

The UK focused onshore hydrocarbon production, development and exploration company holds a 40% economic interest in the Wressle development which is located within licences PEDL180 and PEDL182 in North Lincolnshire, on the western margin of the Humber Basin.

Gaffney Cline were originally commissioned to prepare a Competent Persons Report (“CPR”) and an updated report for Wressle has now been commissioned and paid for by Union Jack.

The decision was made to expand the scope of work from a CPR to a wider Reserves and Resources Report prepared in accordance with the Petroleum Resources Management System (“PRMS”), a standard developed by the Society of Petroleum Engineers.

The additional reporting in the expanded scope of work for the Gaffney Cline report at the Wressle development will incorporate 1P/2P/3P reserve values for the Ashover Grit and Wingfield Flags reservoirs and highlight and discuss any additional potential reservoirs.

In addition, the expanded scope of work will also generate an indicative 2C profile for the Penistone Flags reservoir and prepare a 2P+2C profile illustrating future field potential.

Commenting on this morning’s announcement, Executive Chairman of Union Jack, David Bramhill told investors: “Wressle continues to outperform over and above original prognosis and expectations. We are confident that the expanded Gaffney Cline report will assist in highlighting the true upside potential of this economically attractive conventional hydrocarbon development. Union Jack looks forward to sharing the results of this report once received.”

On Monday, Union Jack announced that it had achieved landmark revenues of US$4m from the Wressle hydrocarbon development since re-commencing production back in August 2021. While the well is producing under natural flow with zero water cut, upgrades are also ongoing.

An operational update for the Wressle development is expected to be published next month.In addition to the Wressle development, Union Jack has three other cash generating projects.

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