It comes as the project’s operator confirmed the completion of four groundwater monitoring boreholes on the Wressle site, which are required under the project’s approvals, and a three-month period of monitoring and analysis will now take place.
“Excellent progress is being made in respect of the development process at Wressle leading to ‘first oil’, expected during H2 2020,” Bramhill said in a statement.
“The project remains economically robust with an estimated break-even oil price of US$ 17.62 per barrel.”
A number of other work items need to be addressed before production operations begin, including the reconfiguration of the site, the installation of surface facilities, and sub-surface work.
Earlier this week, Union Jack Oil highlighted its positive financial position, with its full-year results statement noting that it is fully funded for all its current drilling and well testing commitments.
Union Jack Oil is also looking forward to the testing of the West Newton A-2 well, which hit a 45 metre oil column, and preparations are underway to advance to the drilling of a third West Newton well.
Published at Wed, 13 May 2020 07:42:00 +0000-Union Jack Oil boasts excellent progress as Wressle oil field development advances