FinancialFox RNS IN FOCUS: Union Jack release ‘highly encouraging’ assessment of Biscathorpe project

In this episode of FinancialFox RNS IN FOCUS, Stefania discusses with Zac Phillips, Business Development Advisor at Union Jack Oil, the Company’s announces assessment of the Biscathorpe project, located within Lincolnshire licence, PED253, onshore UK.

 Economic modelling indicates a financially robust project in the current oil price environment
 Break-even full-cycle economics estimated to be US$18.07 per barrel of oil
 Principal Westphalian target has an unrisked gross NPV10 of £55.6 million
 Secondary Dinantian Carbonate target a possible additional commercially viable play
 Accessible drill targets identified for a side-track from the suspended Biscathorpe-2 well following 3D seismic reprocessing

London listed Union Jack Oil (LON:UJO) UK focused onshore hydrocarbon production, development and exploration company, holds a 27.5% economic interest in the licence.

Read the full regulatory announcement: Biscathorpe Assessment Demonstrates Significant Commercial Upside link

David Bramhill, Executive Chairman of Union Jack Oil plc commented: “We are highly encouraged by the conclusions of this detailed review of data in respect of Biscathorpe, particularly given the attractive resource volumes and values associated with the Westphalian and Dinantian targets.
“The collective extensive technical information analysed over the past several months, combined with the APT conclusions on the likely presence of good quality oil have materially upgraded the resource potential and economic value of the project, upholding our opinion that PEDL253 remains one of the UK’s largest onshore un-appraised conventional hydrocarbon licences. We look forward to providing further updates to shareholders as the Biscathorpe project develops.”

#UJO #Biscathorpe #UnionJackOil

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