Drilling in the UK sector in 2018 was at its lowest level since the 1960s.
Forecasters believe the figure will increase over the coming year, with the Norwegian sector expected to experience the biggest growth.
It is predicted 60 wells will be drilled in waters of the UK, Norway, the Netherlands and Denmark.
Research analyst Kevin Swan said: “Norway will be at the heart of the uptick, with drilling expected to reach pre-downturn levels.
We forecast over 40 exploration wells will be drilled, up from 26 in 2018.
Union Jack Oil (LON:UJO), The directors believe that significant opportunities exist to invest in, or acquire, a company or companies or businesses or assets in the hydrocarbon sector.
The investment strategy will have a heavy emphasis on acquiring late stage exploration projects where planning consent has been approved for drilling wells and to acquire minority production working interests onshore and/or offshore in the UK.
