A significant new gas discovery has been made in the North Sea.
It is estimated that there are close to 250 million barrels of oil equivalent of recoverable resources at the Glengorm prospect, east of Aberdeen.
Total and CNOOC found 37 metres of net gas and condensate in a well drilled to a final depth of 5,056 metres.
Further drilling and testing will be carried out to assess resources and the productivity of the reservoir.
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.
