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Union Jack Oil acquires further 15% interest in Biscathorpe

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Oilfield Technology,

Union Jack Oil has completed the acquisition of a further 15% economic interest in PEDL253 containing the Biscathorpe project, in Lincolnshire, UK. The company now holds a 45% interest in the project.

The company also submitted a planning application for the side-track drilling operation, associated testing and, in a success case, the long-term production of hydrocarbons at the Biscathorpe-2 wellsite, with drilling planned for 2H21, subject to planning approval. Biscathorpe has recently been considered 'financially robust' and has a break-even full-cycle estimated to be US$18.07/bbl.

In addition to Biscathorpe, the company has other key domestic assets at Wressle and West Newton..

Commenting, David Bramhill, Executive Chairman of Union Jack, said: “We are pleased to have taken this opportunity to have increased our interest to 45% in PEDL253. “Union Jack’s technical team believe that Biscathorpe 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 Biscathorpe project in our view, further supporting our opinion that PEDL253 remains one of the UK’s largest onshore un-appraised conventional hydrocarbon licences.

“We look forward to updating the market on drilling plans for the conventional B-2Z side-track appraisal well currently planned for H2 2021, subject to planning and other consents, that will allow both the Dinantian Carbonate and Basal Westphalian Sandstone targets to be tested.

“Any potential Biscathorpe oil development will be important to the UK as any indigenous production delivers a lower carbon footprint when compared to imported alternatives and it will also provide additional economic benefits to both regional and local communities.”

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