Nottinghamshire License Holds 'Potential Material' Shale Oil, Gas

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Union Jack Oil reports that its PEDL201 license in Nottinghamshire, England, holds an estimated 5.4 billion barrels of oil and more than 2.7 trillion cubic feet of gas in place.

Onshore UK-focused junior explorer Union Jack Oil reported Monday that a technical review on its PEDL201 license has indicated "potential material" unconventional shale oil and gas in place in the northern section of the license.

Union Jack said that the review, conducted by Molten Limited, estimated approximately 5.4 billion barrels of oil and more than 2.7 trillion cubic feet of gas in place within the Widmerpool Gulf, which is on the PEDL201 license in Nottinghamshire, England.

Union Jack Executive Chairman David Bramhill commented in a company statement:

"The board of directors considered it prudent to have the company's interest in PEDL201, where there is known shale potential, independently reviewed to identify the unconventional resource potential. This exercise has proved to be very worthwhile with compelling 'in place' un-risked scoping volumetric estimates for both shale oil and shale gas.
"However, the company's immediate priority remains to unlock the conventional exploration potential within our current license interests. We look forward to the imminent drilling of two exploration wells, Wressle-1 and Burton on the Wolds-1, both targeting conventional reservoir objectives."

Union Jack holds a 10-percent interest in PEDL201.

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