Union Jack Oil (LON:UJO) Executive Chairman David Bramhill caught up with DirectorsTalk for an exclusive interview to discuss their latest West Newton update.
Q1: Some more exciting news out with results in from the West Newton A-2 well, could you just talk us through the highlights?
A1: Yes, it’s one massive highlight as far as I’m concerned, a surprise really.
All along we’ve been working on information that this was a very very large gas discovery, that’s not the case, we’ve proven that beyond any doubt now. The 189 Bcf gas equivalent, it’s not there, the majority looks to be oil.
So, the whole situation has flip-flopped which is very good, all of this is a lot more valuable, still, there’s lots of work to get done.
Q2: Given that this is now an oil and gas play, how does this change things for Union Jack Oil?
A2: It changes on our valuations situation, I’ve always said this is still early days, we’ve had two really good wells and the next well, the B-1 West Newton, is going to put the cap on everything.
If it’s connected, which we believe it is through seismic and a hell of a lot of work that’s been done by Rathlin and our team as well, to have a major oil play rather than a gas play is worth a lot more. A nice, different but better project with oil.
Q3: You’ve said that this is a significant oil development oil project for Union Jack Oil but it’s great news for UK, isn’t it?
A3: There’s still a lot of time to go, I would want everyone to keep their feet on the ground, you have to, this is a hydrocarbons game and sometimes it can give you surprises. So far, so good.
I see nothing not to like about this project, to be honest if you ask me, maybe a few hiccups on the way and there’s a lot of work to get done but it’s certainly a bright start, I must say.
Q4: What are the next steps for Union Jack Oil? What can we expect to see over the coming months?
A4: Research, research and more research. The more we learn about this prospect, the better and we’ve learned a lot. Just this one well, basically, what a value-added situation because this is what happens when you punt some good money in. The last well didn’t have any core taken, this well we took 30 metres of core and it tells you everything you need to know. Amazing, absolutely amazing.