27th Feb 2024 13:56
Union Jack Oil PLC - Bath-based UK- and US-focused oil and gas company - Says proposed well WN-A3 in West Newston project, onshore UK in East Yorkshire, is planned to be drilled during late 2024, and will be twinned with the West Newton A-1 discovery well. Adds that a feasibility study is underway for a single gas well development plan at the WN-A3 well. Chair David Bramhill says: "We plan to expedite the drilling of West Newton with the deviated WN-A3 appraisal well as soon as all remaining regulatory permissions have been granted. Discussions are already underway with the relevant authorities and work has commenced to progress drilling. Our revised drilling plan offers significant cost-savings without compromising any aspects of the project. The objective is to develop what we know to be a material onshore gas resource located in an area with excellent access to local and national infrastructure and an attractive domestic gas off-take market."
Current stock price: 17.52 pence, up 0.1%
12-month change: down 37%
By Sabrina Penty, Alliance News reporter
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