We caught up with David Bramhill, Executive Chairman UJO at Share Talk investor show held in London on the 29th March 2019.
In this interview, David talks about the company structure, market conditions, projects, financials and the expected appraisal well at West Newton-2 in North Yorkshire that is expected to spud early this month. The main operator is Rathlin Energy UK which is wholly owned by Calgary-based Connaught Oil & Gas, a private Canadian company.
John Hodgins (left-hand side of image) is CEO, Connaught Oil & Gas Ltd. Director, Rathlin Energy (UK) Ltd who attended Share Talk’s event with David Bramhill.
West Newton-2 Conventional Appraisal Well
The West Newton-2 conventional appraisal well is defined from 3 Component 3D seismic and is due to commence drilling in April 2019.
The West Newton A-1 gas discovery well was drilled and logged in 2014. Best Estimate Contingent resources are 189 Bcf of gas equivalent (“Bcfe”) or 31.5 million barrels of oil equivalent (“boe”) (gross). Reflecting its status as an existing gas discovery, the West Newton-2 conventional appraisal well has a combined geological and commercial Probability of Success of 60%.
The Operator’s estimated unrisked project economic evaluation indicates NPV10% before tax of US$247 million or $7.84 per boe and yields a 52.5% rate of return.
An updated PDF investor presentation, including details on PEDL183 and the West Newton gas discovery, is available on the Union Jack website at www.unionjackoil.com.
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