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West Newton oilfield discovery could be largest in the UK

12/11/2019
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The West Newton onshore oilfield located in Yorkshire has this week had its resource estimates upgraded to a scale which would make it the largest of its kind in the UK. Union Jack Oil, a partner in the discovery, has upgraded the estimated resources to a ‘base’ case of 146.4 million barrels of oil and 211.5 billion cubic feet of gas.

An additional ‘upside’ estimate suggests that the field could hold as much as 283 million barrels of oil and 265.9 billion cubic feet of gas.
West Newton oilfield discovery could be largest in the UK
(Image via Union Jack Oil).

The upgrading of the resource base is a result of fresh data from the A-1 discovery well and A-2 appraisal well within the West Newton Kirkham Abbey reservoir. The re-estimate of the resource base will come as welcome news for the trio of small independent companies behind the project. West Newton is operated by Rathlin Energy (66.67%), with partners Union Jack Oil (16.66%) and Humber Oil and Gas (16.66%).

Commenting on the re-evaluation of West Newton’s resource base, David Bramhill, Executive Chairman of Union Jack Oil said:

“The results of the Operator’s analysis confirm that the estimated in-place hydrocarbon volumes at West Newton comprise a significant proportion of liquids, which represent a material increase over and above those figures provided by the existing CPR.”

“We are looking at an onshore project with potential offshore resources, and to date, West Newton is demonstrating the elements required to become a significant conventional hydrocarbon development project in the future.”

The discovery will further enhance the prospects of the companies involved, with analyst firm SP Angel saying that it classifies the project as having “significant company maker potential” and that “Union Jack has the potential to transition from a junior E&P company into a self-sustaining mid-tier hydrocarbon producer.”

Should the re-evaluated resource estimates bear out, it will make West Newton the largest onshore discovery so far discovered in Britain since Saltfleetby in Lincolnshire which was discovered in 1973.

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Tags: Oil & Gas
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Good job and interested to join
Andy Januar, 12 November 2019
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West Newton oilfield discovery could be largest in the UK - Time to read 2 min
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