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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Union Jack Oil Plc | LSE:UJO | London | Ordinary Share | GB00BLH1S316 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.50 | -1.89% | 26.00 | 25.50 | 26.50 | 26.50 | 25.50 | 26.50 | 606,099 | 11:00:28 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Oil And Gas Field Expl Svcs | 8.51M | 3.61M | 0.0320 | 8.13 | 29.31M |
TIDMUJO
RNS Number : 1406J
Union Jack Oil PLC
03 December 2018
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement
3 December 2018
Union Jack Oil plc
("Union Jack" or the "Company")
Completion of Farm-in to PEDL183 Containing the Significant West Newton Gas Discovery
The Directors of Union Jack Oil plc (AIM: UJO) are pleased to announce that the Company has received written consent from the Oil and Gas Authority, satisfied all conditions precedent, and has now completed the Farm-in with Rathlin Energy (UK) Limited for a 16.665% licence interest in PEDL183, containing the significant West Newton A-1 UK onshore gas discovery.
Farm-in Highlights
-- Best Estimate Contingent Resources of 189 Bcf of gas equivalent or 31.5 million barrels of oil equivalent (gross) assigned to the West Newton A-1 discovery in a Competent Persons Report
-- Drill-ready conventional appraisal well planned to be drilled in Q1 2019 and fully funded from existing cash resources
-- Operator's NPV10% of US$247 million and 52.5% ROR for the gas discovery alone
-- Attractive acquisition metrics of less than US$0.30 per barrel of oil equivalent for the gas discovery alone
-- Considerable upside potential from the lower Cadeby Reef oil exploration target underlying the gas reservoir that will also be drilled, with Best Estimate Prospective Resources of 79.1 million boe (gross)
David Bramhill, Executive Chairman of Union Jack, commented:
"We are pleased to complete the Farm-in to PEDL183, containing the material West Newton gas discovery that represents a significant and compelling project for Union Jack.
"The drilling of the West Newton conventional appraisal well is currently planned for Q1 2019 and will follow the planned commencement of drilling of the conventional Biscathorpe-2 appraisal well on PEDL253 by year end 2018 in which Union Jack holds a meaningful 22% licence interest. Both wells are fully permitted and success at either would deliver a material onshore gas or oil development project respectively, with either being transformational for Union Jack.
"The completion of the West Newton Farm-in puts Union Jack in a stronger position to deliver growth in reserves, production and asset value while adhering to our principles of strict financial and technical disciplines.
"We look forward to keeping the market updated on the impending commencement of drilling of the high-impact appraisal wells at Biscathorpe-2 and at West Newton."
The interests held in PEDL183 are as follows:
Rathlin Energy (UK) Limited (Operator) 66.67% Union Jack Oil plc 16.665% -------- Humber Oil & Gas Limited 16.665% --------
For further information, please contact:
Union Jack Oil plc +44 (0)7787 160 682 David Bramhill SP Angel Corporate Finance LLP +44 (0)20 3470 0470 Nominated Adviser Lindsay Mair Richard Hail
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 or visit www.rns.com.
END
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(END) Dow Jones Newswires
December 03, 2018 02:00 ET (07:00 GMT)
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