Oil prices rally as Saudi Arabia extends output cut

Union Jack Oil has purchased its first international interest with a 3.22% stake in onshore Germany-focused oil and gas company Beacon Energy plc. The purchase is equivalent to 439 million shares in the production, development, appraisal and exploration

AIM-listed Union Jack Oil, a UK focused onshore hydrocarbon production, development and exploration company, has acquired a disclosable interest in Beacon Energy. Beacon is a full cycle oil and gas company with a portfolio of production, development, appraisal and exploration

Union Jack Oil plc announced that it has acquired a 3.22% stake in Beacon Energy plc, a full cycle oil and gas company with a portfolio of onshore German assets. The deal, which was completed following Beacon’s recent

U.S. crude oil prices have surged and the futures strip has moved into a sharp backwardation as inventories have drained away from the NYMEX delivery point at Cushing in Oklahoma. Futures prices for crude delivered in October climbed

Oil rose on Wednesday, firming its ground near a 10-month peak reached during trading a day earlier, as the market balanced supply concerns over Libya output and OPEC+ cuts with global macroeconomic headwinds. Benchmark Brent futures edged higher

Union Jack Oil, Europa Oil & Gas (Holdings), and Egdon Resources have announced that the installation of a jet pump system and accompanying surface equipment has commenced at the Wressle hydrocarbon development in England. The process is estimated

A statement from Egdon Resources said a downhole jet pump would be installed in an artificial lift at the well, near Scunthorpe in North Lincolnshire. Artificial lift is commonly used to increase production when the energy of the reservoir is

Oil prices closed a volatile session slightly higher on Thursday, falling a dollar a barrel in early trading on demand worries and a strong dollar, but then bouncing back after a report of sliding gasoil stocks in Europe.

The oil market is in a bullish move and heading well into the $90 per barrel range, Bob McNally, President at Rapidan Energy, told CNBC’s Squawk Box program on Monday. Oil hitting $100 per barrel is “entirely possible,” McNally added.

Union Jack Oil announced that it has reached a significant milestone, generating over $17 million in revenue since bringing the Wressle field online in August 2021. The company expects to maintain positive cash flow and cover capital spending

The oil markets were slow to react to obviously bullish catalysts such as supply cuts, falling inventories and growing demand when they first kicked in about three months ago. Indeed, it appeared that the bears were about to

Oil prices surged on Wednesday, trading near their highest levels since April, buoyed by crude and fuel product inventory data showing robust U.S. demand. Brent crude futures for October were up 44 cents, or 0.5%, to $85.35 a

Oil prices edged higher for the third straight session on Tuesday, as signs of tighter supplies and pledges by Chinese authorities to shore up the world’s second-biggest economy lifted sentiment. Brent futures gained 22 cents, or 0.3%, to