AIM listed Union Jack Oil, the UK focused onshore hydrocarbon production, development and exploration company, has announced that Gaffney, Cline & Associates 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.
Union Jack holds a 40% economic interest in this development.
An abridged version of the Report is presented and the full Report can be viewed on the Company's website www.unionjackoil.com
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.
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.'
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