Union Jack Announces Reserves and Contingent Resources of the Wressle Oilfield PEDL180 and PEDL182

Source: www.gulfoilandgas.com 9/13/2022, Location: Europe

Union Jack Oil plc, the UK focused onshore hydrocarbon production, development and exploration company, is pleased to announce that Gaffney, Cline & Associates Limited (“GaffneyCline”) has prepared an independent Reserves and Contingent Resources report with an Effective Date of 30 June 2022, on the Wressle Oilfield, PEDL180 and PEDL182, onshore United Kingdom. Included in this work was the development of an Illustrative Production Scenario for the potential future development of the field that includes the Contingent Resources. In addition, an independent assessment of the upside potential of the producing Ashover Grit and the Santon Sands horizons was undertaken.

• Ashover Grit Speculative Deeper Oil-Water Contact assessment indicates a potentially significant increased estimate of STOIIP (“Stock Tank Oil Initially in Place”) of 10.12 million barrels of oil (“MMBbl”) and a recoverable resource of 2.43 MMBbl
• The Wressle-1 well also indicated the hydrocarbon potential of the Santon Sandstone where GaffneyCline has estimated a Contingent Resource
• Illustrative Production Scenario shows a constrained plateau production rate of 800 barrels of oil per day for approximately five years
• Ashover Grit and Wingfield Flags oil reserves at the Effective Date of 30 June 2022 stood at 1P 320,000, 2P 670,000 and 3P 1,030,000 barrels of oil following past production of 203,000 barrels of high-quality oil with zero water cut

In addition, an animated PowerPoint highlighting the key points of the Report can also be viewed on the Company’s website.

The Report has been prepared exclusively for Union Jack and its content does not necessarily reflect the Operators or other Partner views.

In the preparation of the Report, GaffneyCline has adopted the Petroleum Resources Management System (“PRMS”) standard and used definitions contained therein.

GaffneyCline has approved this RNS and PowerPoint presentation.

Licence Summary and Ownership Details
The Wressle oilfield is located within licences PEDL180 and PEDL182 in Lincolnshire on the Western Margin of the Humber Basin.

Union Jack holds a 40% economic interest in these licences.

The remaining 2P reserves of 0.67 MMBbl compares to initial gross 2P reserves of 0.62 MMBbl as originally reported in the Company’s announcement of 26 September 2016. This figure is post past production of 203,000 barrels of oil.

Santon Sandstone Upside Potential
The Wressle-1 well also indicated the hydrocarbon potential of the Santon Sandstone. This reservoir requires further data to be obtained during future drilling in the field before any development can be planned, however this provided additional future potential. This formation was not tested in the Wressle-1 well.

Future Development of the Wressle Oilfield and Illustrative Oil Production Profile The Wressle-1 well is currently producing oil and gas from the Ashover Grit reservoir.

The current field development Plan (“FDP”) envisages that along with continued production from the Ashover Grit and Wingfield Flags, the Penistone Flags reservoir is developed with two or three additional wells.

Based on the reserves and contingent resources identified in the Report, an Illustrative Production Scenario shows that a constrained plateau production rate of 800 barrels of oil per day may be possible for approximately five years.

There is significant uncertainty on the initial flowrate that will be obtained from the Penistone Flags reservoir and that, whilst the observation that 800 barrels of oil per day may be possible for approximately five years and is based in part on the recent FDP, this Illustrative Production Scenario does not necessarily reflect the Operator’s or the other Partner’s views.

Executive Chairman of Union Jack David Bramhill, commented: “The GaffneyCline Report reflects a serious technical effort over a prolonged period and its content is highly encouraging for the future of the Wressle development.

“GaffneyCline’s findings, observations and technical work in respect of the potential upside in respect of the Ashover Grit reservoir have gone a long way in answering our questions regarding future potential upside and prolonged productivity.

“The Illustrative Production Profile indicates robust and material productivity for at least five years and beyond. Should the Deeper Oil-Water Contact potential of the Ashover Grit reservoir become proven, the incremental value of Wressle as a development would be transformational for the Wressle partners.

“The current Reserves at the Ashover Grit and Wingfield Flags in respect of 2P figures according to GaffneyCline stands at 670,000 bbls of oil as at 30 June 2022. This figure is post past production figures of 203,000 bbls of oil, a substantial upgrade to the originally reported recoverable Reserve.

“Union Jack thanks GaffneyCline for their diligence in compiling this excellent, informative, and value adding report.”

Greece >>  11/28/2022 - Maire Tecnimont S.p.A. announces that its subsidiary KT – Kinetics Technology S.p.A. has been awarded an EPCm (Engineering, Procurement & Construction...
Norway >>  11/18/2022 - Aker Solutions continues to serve as supplier of maintenance and modification services (M&M) on the Johan Sverdrup-field. The extension of the call of...

Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.