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Union Jack release 'highly encouraging' assessment of Biscathorpe project

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Oilfield Technology,

Union Jack Oil has announced an assessment of the Biscathorpe project in Lincolnshire, UK, that shows significant commercial upside.

The joint venture (JV) partnership has completed extensive and detailed studies of the Biscathorpe project. This work has been integrated with the results of the Biscathorpe-2 well, resulting in a significantly enhanced understanding of the prospectivity in the Biscathorpe project area. The results of this extensive exercise concluded that a possible material and commercially viable hydrocarbon resource remains to be tested.

The mean prospective resources associated with the Westphalian target area are estimated by the operator, Egdon Resources, to be 3.95 million bbl, with an upside case of 6.69 million bbl. Preliminary economic modelling demonstrates that the Westphalian target is economically robust in the current oil price environment with break-even full-cycle economics estimated at US$18.07/bbl and a gross NPV10 valuation of £55.6 million. ?

Mean Stock Tank Oil Initially in Place within the Dinantian has been calculated to be 24.3 million bbl with an upside case of 36 million bbl. Although the Dinantian is not considered to be the primary target, there is the possibility of a further commercially viable play being present within the Biscathorpe licence area.

The update in Biscathorpe follows a recent announcement regarding UJO's Wressle project, whose economic model has also shown to be 'robust' at current oil prices at around US$17.6/bbl.

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.”

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