Union Jack oil, David Bramhill, Executive Chairman, commented:
“The addition of material interests in the Biscathorpe and Wressle projects during the period under review both materially enhance Union Jack’s oil reserves and resources and increase significantly the upside risk value potential in the fully funded prospective high impact conventional well at Biscathorpe-2 planned to be spudded following completion of construction of the wellsite”.
“The Company will benefit materially if either of these key projects is successful given the considerable upside value potential in each to Union Jack.”
“I look forward to commenting further on each of these drilling and development projects during the coming months.”
“The future of Union Jack remains bright.”
Union Jack Oil plc (LON:UJO), a UK focused, onshore oil and gas production, development and exploration company, today announced its unaudited results for the Half Year ended 30 June 2018.
· Further acquisition to 27.5% in PEDL180 and PEDL182 containing the Wressle discovery providing additional proven reserves in an attractive appraisal and development project
· Further acquisition to 22% in PEDL253 containing the Biscathorpe-2 Prospect planned to be drilled following completion of construction of the wellsite
· Successful workover programme on production wells at Fiskerton Airfield Oilfield
· Commercial Partnership entered into with Humber Oil & Gas Limited