Geologists at the University of Aberdeen in the UK have claimed that North Sea volcanoes that were thought to contain magma could actually hold oil and gas reserves.
Geologists have discovered a 7,000m² swathe of the North Sea area, which was dismissed as a potential area for oil and gas exploration because of so-called ‘phantom’ volcanoes.
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.
