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Union Jack Oil Announces Spudding of the Biscathorpe-2 Well in Lincolnshire

Source: www.gulfoilandgas.com 1/7/2019, Location: Europe

AIM-listed Union Jack Oil, a UK focused onshore hydrocarbon production, development and exploration company, has announced the commencement of drilling operations at Biscathorpe-2, located within PEDL253 in Lincolnshire, in which Union Jack has a 22% licence interest. The Operator of the well is Egdon Resources, with a 35.8% licence interest. The Biscathorpe-2 well was spudded at 12:30 p.m. today, Monday 7th January 2019.

David Bramhill, Executive Chairman of Union Jack, commented: 'Biscathorpe is one of the UK's largest onshore unappraised conventional oil prospects with Mean Prospective Resources of 14 million barrels gross and a geological chance of success of 40%, in which Union Jack has a meaningful 22% licence interest.

'The Company`s economic modelling of the Biscathorpe Prospect highlights its attractiveness and shows a pre-drill value for the success case of circa £24 million net to Union Jack (using the industry standard net present value after tax at a 10% discount rate).

'Biscathorpe is one of Union Jack's near-term, high-impact projects and success here will be transformational for our Company. In addition to the defined structural closure, stratigraphic trapping, if present, could lead to significant upside for oil resources. We look forward to updating shareholders and the market with preliminary results from the well in early February 2019.'

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