Union Jack Share News (UJO)

The Wressle-1 exploration well, jointly owned by Egdon Resources, Union Jack Oil and Europa Oil & Gas, has been found to have a potential hydrocarbon pay in three intervals. Drilling on the well, which is located in Scunthorpe, began on 18 July and reached a total depth of 2,240 metres. Thickness measures of between 6.1 metres and 19.8 metres were recorded across the intervals. Union Jack's executive chairman, David Bramhill, said: "This is the first well of our drilling campaign and the preliminary results are highly encouraging. The interpretation of combined potential hydrocarbon pay over 30 metres is excellent news and I look forward to the testing phase of this project." The group is now planning an extended well test, which has been designed to determine flow rates, hydrocarbon type and the commerciality of the well. This is expected to begin in October. Europa's chief executive, Hugh Mackay, added: "This is an encouraging start to our two well 2014 East Midlands exploration programme. From a technical perspective, Wressle is clearly a success and the upcoming test programme will determine whether it will be deemed commercial. Drilling and logging has validated the pre-drill geological model and bodes well for our future drilling activity."Egdon Resources owns a 25% operating interest in the well, while Europa holds 33.34%, Union Jack 8.33% and Celtique Energie Petroleum owns the remaining 33.33%. Shares in Union Jack jumped 24.59%, Europa rose 9.69% and Egdon was up 7.37%. NR