Union Jack Oil Plc (LON:UJO) Executive Chairman David Bramhill talks to DirectorsTalk about the Biscathorpe and North Kelsey Planning Update and two licence acquisitions, Widmerpool Gulf and Humber Basin. David talks us through the key points of the planning permission approval, provides more detail around the two acquisitions, the work needed, potential return, timescales and other potential acquisitions.
“Biscathorpe-2 holds considerable upside potential for our Company with gross prospective oil resources of 14 million barrels and a high geological Chance of Success of 40%. We are enthusiastic about commencing drilling operations expected around mid-year 2018 and look forward to updating the market on progress in due course.”
“We are delighted to have been able to make a further investment in attractive licences in the Widmerpool Gulf and Humber Basin at nominal cost, alongside our Commercial Partner, Humber Oil & Gas. Applying Edison’s unconventional acreage value ranges to Union Jack’s licence interests, implies a value range between US$6 million and US$22 million.” – David Bramhill, Executive Chairman of Union Jack Oil Plc