Union Jack Oil relays upbeat Wressle update

Union Jack Oil PLC relayed to its investors an update for its joint venture partner projects onshore UK, with Europa Oil & Gas (Holdings) PLC and Egdon Resources PLC.

It comes ahead of Union Jack’s interim results, due on 15 May.

The Wressle oilfield, in which Union Jack holds a 40% interest, continues to exceed expectations with net production increasing by 55% from 134 barrels of oil per day (bopd) to 207 bopd, Union Jack noted in a statement.

Wressle is now ranked as the second-most productive onshore UK oilfield.

Meanwhile, a new seismic interpretation and mapping exercise has suggested a significant increase in resources is possible from the Ashover Grit, Union Jack noted.

Planning and permitting work for a new development well at Wressle is ongoing, with drilling anticipated at the earliest opportunity after regulatory approval, it said.

Additionally, in the second half of 2023, ongoing work is expected to further develop the field and increase oil production.

Operator Egdon Resources separately highlighted the strong performance of Wressle, with production exceeding 400,000 barrels as of 28 March 2023. Meanwhile, production during March 2023 averaged 770 bopd.

The installation of a gas engine to generate 1.4 MW of electricity into a local private power network is the next stage of the gas monetisation project.

A new Competent Person's Report (CPR) is commissioned to optimise the development of Ashover Grit and Penistone Flags reservoirs at Wressle.

Elsewhere, drilling is intended at the Biscathorpe and North Kelsey prospects though both projects are dependent on planning appeals, with a positive outcome potentially coming by the first half of 2024.

At Keddington, the partners are set to drill a well target that could help add incremental production in the second half of 2023.

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