Great news this morning, confirming the spudding of the ANDREWS-1-17 well in Oklahoma, Union Jacks first well in collaboration with Reach Oil & Gas. There’s no doubt in my mind that this is where the company now needs to be focusing in view of the awful state of affairs being seen with onshore oil and gas prospects here in the UK.
*Energy Profits Levy robbing companies of most of their revenue
*Planning applications being approved by planners and refused by councillors
*Appeals taking years and when approved, challenged and delayed by anti- fossil fuel groups
*Any operations then susceptible to on-site aggressive and obstructive action by protestors
Union Jack in my opinion have substantially reduced the risk of long delays and limited revenues by entering the United States and I can see some news rich, exciting times ahead here.
Many people do not understand or realise just what these mineral royalties could be worth when the companies in question begin drilling the wells Union Jack have an interest in. The returns could well be quite exceptional. These will create an increase in news on their own, added to the Andrews1 well, gas and oil flow rates, potentially a secondary well if successful and of course the company’s present UK operations.
For those who appear to be very vocal on the bulletin hoards about Wressle, the flow rate will surely be intermittent as it is still under test conditions from what I can glean and will be adjusted and readjusted to counter water ingress. I did not see a sizeable water storage tank in the pictures taken there recently which is good to note.
It was good to see confirmation of the planning application submitted and received for the Penistone Flags as that has been commented on many times, hopefully this is a project Egdon/Heyco will now prioritise as will the Reabold guys with West Newton.
One great thing about Union Jack NOT being the operator is that it allows them to progress other ventures rather than being tied up with their JV partners, sitting around waiting. They can do the deals they want unencumbered with operational responsibilities.
I now look forward to the next update when the target zone is reached at the Andrews-1-17 well.
