The Union Jack Oil PLC (LON: UJO) share price fell 4.47% after publishing the highlights of its joint venture projects with Egdon Resources plc and Europa Oil & Gas (Holdings) plc. The oil firm noted that the highlights could be found in the interim reports published by the two companies.
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Europa Oil’s first key highlight was that the Wressle field exceeded expectations as the oil produced continued flowing naturally with zero water cut. The firm noted that a new seismic interpretation and mapping exercise across the Wressle field had revealed the potential for a significant increase in resources from the Ashover Grit.
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Union Jack Oil is currently incorporating the seismic analysis results into the field development plan. The primary goal is to ensure that the subsequent development well is drilled at the current Wressle site. The company is already going through the permitting and planning process for the new well.
The oil company is ready to start drilling operations when it receives regulatory approvals. The Wressle field’s excellent performance has been the primary driver behind the surging revenues reported by the joint venture companies.
On the other hand, Egdon Resources also revealed that the Wressle field was a standout asset in its portfolio, given that it owns 30% of the project. The company noted that production at the Wressle field up to 31 January 2023 was 357,838 barrels of oil without producing any water.
Furthermore, Egdon noted that production from the Wressle field had exceeded 400,000 barrels of oil on 28 March 2023. The company also revealed that it had connected three microturbines to the Wressle field, increasing the oil production by about 10%.Â
Union Jack Oil also issued brief updates on its Biscathorpe PEDL253 and North Kelsey PEDL241 oil fields, in which Egdon owns 35.8% and 50%, respectively, on the two license areas.
The firm also updated the Keddington PEDL005(R) oil field, which is 45% owned by Egdon Resources. The last update was about the Fiskerton Airfield EXL294, which is 80% owned by Egdon.
*This is not investment advice.
Union Jack Oil (UJO) share price.
The Union Jack Oil (UJO) share price fell 4.47% to trade at 22.45p, from Friday’s closing price of 23.50p.
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