Union Jack Oil PLC West Newton Drilling Operations Update (0910G)

TIDMUJO

RNS Number : 0910G

Union Jack Oil PLC

23 November 2020

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

23 November 2020

Union Jack Oil plc

("Union Jack" or the "Company")

West Newton Drilling Operations Update

Union Jack Oil plc (AIM: UJO), a UK focused onshore hydrocarbon production, development and exploration company is pleased to provide an update on the West Newton B-1 appraisal well (WNB-1) where drilling operations are on-going.

Union Jack holds a 16.665% interest in PEDL183, containing the conventional West Newton A-1 discovery well and the West Newton A-2 appraisal well.

The WNB-1 well has been drilled safely to a Total Depth of 2,295 metres, encountering both the primary and secondary objectives, the Kirkham Abbey and Cadeby formations, respectively.

The Kirkham Abbey formation indicated a hydrocarbon charge based on wireline logs, cuttings and mud gas readings. The secondary target, the Cadeby formation contained insufficient reservoir development within the targeted slope environment.

The Joint Venture has commenced a side-track drilling operation from the WNB-1 well and following preparatory engineering exercises the West Newton B-1Z (WNB-1Z) will be drilling ahead during the next few days.

The objective of the WNB-1Z side-track well is to further appraise the Kirkham Abbey formation on a structurally superior location, targeting enhanced reservoir quality and on-trend with the previously discovered Kirkham Abbey accumulations. The information derived from both the WNB-1 and WNB-1Z wells will provide additional data to inform the optimal locations of future development wells at the West Newton project.

Drilling activities at the West Newton B site are ongoing and shareholders and the market will be updated following completion of drilling operations and evaluation in due course.

Competent Person`s Statement

In accordance with the "AIM Rules - Note for Mining and Oil and Gas Companies," the technical information contained within this announcement has been reviewed and approved by Graham Bull, Non-Executive Director. He is a member of the Petroleum Exploration Society of Great Britain, the American Association of Petroleum Geologists and a Fellow of the Geological Society of London and has over 46 years of international oil and gas industry experience.

For further information, please contact:

Union Jack Oil plc Via Cassiopeia Services Ltd

David Bramhill

   SP Angel Corporate Finance LLP                                 [phone] 

Nominated Adviser and Broker

Richard Morrison

Richard Hail

Caroline Rowe

   Cassiopeia Services Ltd                                                  [phone] 

Public Relations

Stefania Barbaglio

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November 23, 2020 02:00 ET (07:00 GMT)