Union Jack Oil PLC Wressle Update PEDL180/PEDL182 (8505K)

TIDMUJO

RNS Number : 8505K

Union Jack Oil PLC

31 August 2023

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

31 August 2023

Union Jack Oil plc

("Union Jack" or the "Company")

Wressle Update PEDL180/PEDL182

Union Jack Oil plc (AIM: UJO) a UK focused onshore hydrocarbon production, development and exploration company, is pleased to announce that operations have commenced on the Wressle-1 well to install a downhole jet pump and associated surface facilities as part of the planning to optimise future production.

Union Jack holds a 40% economic interest in the Wressle development.

Operations began with a slickline programme, which has now been completed, where downhole pressure and temperature gradients were acquired. The work programme includes recompleting the well for the installation of a downhole jet pump and the siting of associated surface equipment.

The operations are scheduled to take approximately three weeks and production from Wressle-1 is expected to be reinstated during late September 2023.

Data obtained from these activities will be incorporated into the ongoing work by ERC Equipoise Ltd and the expected beneficial impact on production of the artificial lift from the jet pump will be included within their independent Competent Person`s Report, the details of which will be announced once this work is completed.

David Bramhill, Executive Chairman, commented: "Industry sources indicate that over 90% of oil wells employ artificial lift during their life-cycle, therefore, the natural sequence of the installation of a jet pump on the Wressle-1 well offers a reliable method of ensuring the continued operation and the optimisation of its future production performance."

For further information, please contact

 
 Union Jack Oil plc                    info@unionjackoil.com 
 David Bramhill 
 
 SP Angel Corporate Finance LLP        +44 (0)20 3470 0470 
 Nominated Adviser and Joint Broker 
 Matthew Johnson 
 Richard Hail 
 Kasia Brzozowska 
 
 Shore Capital                         +44 (0)20 7408 4090 
 Joint Broker 
 Toby Gibbs 
 Iain Sexton

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August 31, 2023 02:00 ET (06:00 GMT)

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