Completion of Drilling - Laughton-1 Well

RNS Number : 0100S
Union Jack Oil PLC
14 March 2016
 

Union Jack Oil plc

(AIM: UJO)

 

Completion of drilling - Laughton-1 Well PEDL209

 

Union Jack Oil plc ("Union Jack" or the "Company"), an onshore oil and gas production and exploration company with a focus on production, drilling, development and investment opportunities in the United Kingdom hydrocarbon sector, notes the RNS released by Egdon Resources plc ("Egdon") in respect of the conventional Laughton-1 well, situated within PEDL209. Union Jack holds a 10.0% interest in this well. Following the cost of Union Jack's contribution to the Laughton-1 well the Company's cash balance is in excess of £2.5 million.

The Laughton-1 well was spudded on 12 February and has reached a total depth of 1,700m in line with the pre-drill prognosis. During drilling, the well recorded hydrocarbon shows from a number of potential reservoir sequences including the Kilburn Sandstone, Chatsworth Grit, Ashover Grit and Kinderscout Grit.  The Silkstone Rock primary objective was poorly developed in the well.   Analysis of the wireline log data indicates that the hydrocarbon saturations associated with the shows are not sufficiently encouraging to warrant testing.

The well is currently being plugged before the drilling rig is released from contract and in due course the wellsite will be fully restored to its original condition as agricultural land.

Following the drilling of Laughton-1 the licence interests in the Laughton Prospect and the two other conventional prospects in PEDL209 are

Egdon Resources U.K. Limited:            50%

Blackland Park Exploration Limited:   28%

Stelinmatvic Industries Limited:          12%

               Union Jack Oil plc:                                 10%

For further information please contact:

 

Union Jack Oil plc

David Bramhill

 

+44 (0) 77871 60682

Shore Capital

Nominated Adviser

Edward Mansfield

Anita  Ghanekar

Corporate Broking

Jerry Keen

+44 (0) 20 7408 4090

 

SP Angel

Joint Broker

Richard Hail

 

 

+44 (0) 20 3470 0470

Yellow Jersey PR Limited

Public Relations

Dominic Barretto

Aidan Stanley

 

 

 

+44 (0) 7768 537 739

+44 (0) 7799 003 220

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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