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Union Jack Oil increases interest in Biscathorpe project

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Oilfield Technology,

Union Jack Oil (UJO) has agreed to acquire a further 15% economic interest in the Biscathorpe project in the UK.

Following completion of the acquisition Union Jack will hold a 45% interest in the project. Biscathorpe has recently been considered 'financially robust' and has a break-even full-cycle estimated to be US$18.07/bbl.

UJO also has interests in other two major projects positioned to deliver growth in reserves, production and asset value: West Newton, where an extended well test (EWT) is underway to prove what could be the largest UK onshore discovery since 1973 and Wressle, where first oil is expected by end of January. All the three onshore assets are located in the established UK onshore East Midlands Province and Humber Basin.

Commenting, David Bramhill, Executive Chairman of Union Jack, said: “We are pleased to have taken this opportunity to increase our interest to 45% in Biscathorpe, that Union Jack’s technical team believe represents a material and commercially viable hydrocarbon resource that remains un-tested.

“The collective extensive technical information analysed over the past months, combined with APT’s conclusions on the likely presence of good quality oil, have materially upgraded the resource potential and economic value of the project in our view, further supporting our opinion that PEDL253 remains one of the UK’s largest onshore un-appraised conventional hydrocarbon licences.”

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