Five is the magic number for Union Jack Oil
“…News flow matches oil flow for Union Jack Oil as Wressle comes onstream…”
The executive Chairman of Union Jack Oil has just entered his eight decade and he’s confident he won’t be around when the oil at Wressle runs dry. David Bramhill is in rude health and longevity runs in his DNA, but he’s even more more confident the well coming on stream within North Lincolnshire licences PEDL180 and PEDL182 will outlive him.
That’s slightly morbid, but he’s delighted with the life in the Wressle development which will be producing 500 barrels of oil a day. The flow rate is dictated by planning regulations otherwise the data would be much larger says Bramhill. Regardless of restrictions that limit amount is worth $4 million to the company based on its 40% economic interest in the licences there.
Investors are keen for news flow about the other four projects in Union Jack’s portfolio which includes Biscathorpe which is tantalisingly “the biggest untested project in the UK for oil.”
David explains to Sarah Lowther why he wouldn’t change any of his portfolio for the hundreds of plays he’s seen in the U.S. and what’s in store for the company as oil flow at Wressle is brought on stream.
Union Jack Oil also featured in the recent @TMSreach 10 Oil and Gas Companies to follow in 2021 publication. Click here for the article.
David talks to Proactive London about the latest updates on the Wressle field as well as the ongoing drilling operation at the West Newton B-1 appraisal well project in East Yorkshire.
The author was remunerated but does not hold shares in the company