Union Jack Oil Share Discussion Threads

[25wbh] 29/8/2019 08:00

Good morning Gismo , good luck here ,B

[7rademark] 29/8/2019 08:00

Good luck to anyone trying to trade ujo today, mms will rerate the stock with the intention of leaving the traders with minimal profits

[fillipe] 29/8/2019 07:55

Wow!



f

[currypasty] 29/8/2019 07:51

surely 100m mcap at least?

[7rademark] 29/8/2019 07:41

Oil AND Gas, and look at the mcap, 34m, the company is extremely undervalued,

[rwells4474] 29/8/2019 07:41

DBWe now believe that West Newton will become a significant oil development project for Union Jack, our joint venture partners and for the onshore UK hydrocarbon industry."

[markfrankie] 29/8/2019 07:35

Could have sworn i just spoke to ChrisOil on a ferry crossing !! He has a doppelganger!

[moneymunch] 29/8/2019 07:06

David Bramhill, Executive Chairman of Union Jack commented:

"The confirmation of a major oil discovery at the West Newton project is highly encouraging compared to its original perception as a substantial gas discovery. We now await a revised CPR that Union Jack expects will provide details on the oil in place, gas in place and recoverable volumes. Given the positive value implications of a major onshore oil development, rather than predominantly gas as originally believed, we expect this will also lead to a meaningful uplift in the NPV10 calculations in the Revised CPR.

"The EWT will now be paused to allow the test equipment to be reconfigured to design and implement a revised production test which will better reflect the increased liquid hydrocarbon content of the production fluid. We believe this to be necessary in order to maximise the information derived from this EWT test information to drive this important onshore oil project forward.

"We now believe that West Newton will become a significant oil development project for Union Jack, our joint venture partners and for the onshore UK hydrocarbon industry."

[moneymunch] 29/8/2019 07:03

Reabold Resources Plc

("Reabold" or the "Company")

Operational Update at West Newton, onshore UK

Reabold Resources, the AIM investing company which focuses on investments in pre-cash flow upstream oil and gas projects, is pleased to provide an update on operations at the West Newton A-2 appraisal well, located within the PEDL 183 licence in Humberside, onshore UK. Reabold holds a 24 per cent. economic interest in the licence via its 36 per cent. holding in Rathlin Energy (UK) Ltd ("Rathlin" or the "Operator"), operator of the well.



Highlights

· Analysis and initial testing at the West Newton A-2 well have led the Operator and project partners to believe that the West Newton project represents a significant oil and gas discovery rather than the gas discovery as originally anticipated.

· Initial petrophysical analysis indicates that the overall hydrocarbon column of 65 metres comprises a gross oil column of approximately 45 metres underlying a gross gas column of approximately 20 metres, all within the Kirkham Abbey interval.

· Logs and core both suggest encouraging porosity within the oil zone, which additionally appears to be naturally fractured.

· The Extended Well Test ("EWT") has been paused in order to optimise the evaluation of the potentially significant oil column.

· The Operator and partners currently intend to commission a revised CPR following completion of the EWT, to re-assess the volumes of hydrocarbons and economics of the West Newton project, which will incorporate the information gathered since drilling the West Newton A-2 well.



The West Newton A-2 well was drilled as an appraisal of the West Newton A-1 discovery well. Based on the results of the West Newton A-1 well and the three-component 3D seismic data volume identifying an aerial extent of approximately 4,500 acres for the Kirkham Abbey reservoir, a Best Estimate Contingent Resource of 189 Bcfe (billion cubic feet equivalent) of gas was identified in a Competent Persons Report ("CPR") compiled by Deloitte for Connaught Oil and Gas Limited ("Connaught")* and dated 1 June 2017.



The West Newton A-2 well was spud on 26 April 2019 and on 9 June 2019 reached a total depth ("TD") of 2,061 metres. A full suite of open hole logs was run and 28 metres of core was successfully cut and recovered from the Kirkham Abbey Formation.



Initial open hole information on West Newton A-2 indicated that, in many respects, the Kirkham Abbey interval was consistent with that encountered in the West Newton A-1 well. However, the West Newton A-2 well indicated the presence of both gas and oil in the reservoir as opposed to it being a primarily gas project as originally anticipated.



Evaluation of the West Newton A-2 open hole data has identified an estimated gross hydrocarbon column of approximately 65 metres in the Kirkham Abbey Formation. A cased hole pulsed-neutron tool was run across the Kirkham Abbey zone and initial petrophysical evaluation identifies a gross oil column of approximately 45 metres underlying a gross gas column of approximately 20 metres within that interval.



The West Newton A-2 well exhibits encouraging porosities on logs and in core, particularly in the identified oil zone where in excess of 30 metres with good matrix porosities approaching 15 per cent. have been measured. The core also exhibits natural fracturing which is confirmed by an imaging log run across the entire Kirkham Abbey interval.



Cased hole logging and completion programmes were initiated on 6 August 2019 followed by well test operations which commenced on 20 August 2019. However, with the indication of a potentially significant oil column, the EWT has been temporarily paused, in order to review and revise the well test design, which will now focus on the potentially highly significant oil column. The Operator is currently reviewing the forward plan including the potential to restart the flow test under a different test design, subject to all necessary approvals.

Additionally, the West Newton A-2 well data provides a good tie to the high quality three component 3D seismic data volume that covers the entire West Newton project. The new data allows for a revised interpretation of the seismic volume incorporating the well and the newly identified gas over oil gross hydrocarbon column.



Following the integration and evaluation of the core, petrophysical, seismic and test data, the Operator and partners intend to commission a revised CPR to re-assess volumetrics and revise NPV10 values based on the information acquired from the West Newton A-2 well.



Stephen Williams, Co-CEO of Reabold, commented:

"The realisation that we appear to have a 45 metre oil column is a significant and exciting development in the evaluation of this cornerstone asset. We particularly look forward to further analysis and testing results, as well as a proposed updated CPR, as, alongside our partners, we establish the optimum forward programme to maximise value out of this field for Reabold shareholders.



In addition, the next well at West Newton will be planned to target the deeper Cadeby formation, which has the potential to add significant further resource upside. There are also other follow on exploration targets within this extensive licence area."

[markfrankie] 29/8/2019 01:01

think a few more skittish holders may get cheated out of their shares tomorrow morning.

[markfrankie] 28/8/2019 23:24

yes looking like the gas/oil separator has been removed...!?
who knows what that means at this stage !
what zone was it used on? the potential oil zone deeper than the gas? or the unexpected k'abbey oil/condensate zone at the bottom of the gas zone ?
oil coming out neat and no separator required?
no oil show at one of the above? or NOT ENOUGH STORAGE ON SITE YET (DUE 7th of SEPT !!??
quick clean up* perf* mini test* done so separator not required as moving on to the gas zone and original plan to test gas?
really who knows !!!
good luck everyone.

[krowelet] 28/8/2019 20:56

Gas seperator has been removed from site, see LSE lots of posts.

[moneymunch] 28/8/2019 19:20

Ukog commenced flowtests at HH 8/2/16 and initial outstanding results were released 8 days later on 16th....and so news from West Newton could be very close with any luck.Gl :-)

[sparusty] 28/8/2019 18:50

We are having a fundraise to get you a new brain BIGBARRY, seems you need one as you keep asking the same question over and over.
If it wasn't so pathetic it would be laughable.

[bigbarry] 28/8/2019 16:54

Lots of shares available?, has the funding been done?

[chewtobacco] 28/8/2019 16:32

You really are making a total plonker of yourself.

[wisteria2] 28/8/2019 15:30

2-3 days down then the same back up! .... until news at a guess!and yes a progress report could hit anytime, hopefully the well is producing some serious amounts of the flammable kind. gla

[markfrankie] 28/8/2019 15:10

very good point GWBack
healthy

[guesswhosback2] 28/8/2019 13:43

It's been good for shareholders to see a daily shake out. New buyers at 28 and above looking for double their money.

[speed camera] 28/8/2019 13:42

If the results, as we hope, are positive, please don't let the BBC know. They'll put a "fracking spin" on the progress.

Apparently in Cannes, for instance, the huge pleasure boats there can take on £30,000 of fuel in their tanks. They have to be supplied by individual tankers going back and forth.

When the boats start off the pollution all round, killing fish and polluting the atmosphere is horrendous.

But of course the elite ignore this environmental disaster. Best to concentrate on fracking as the planet's foremost evil. And urge everyone to recycle everything.

The fact is we are too late. We are like dinosaurs knowing the end is coming beyond our life spans, but we can't do anything to prevent it. Get real

[currypasty] 28/8/2019 12:56

full ask now, level 2 next is .3

[7rademark] 28/8/2019 12:53

Tight spread with improved limits, it's going to move up shortly.