Union Jack Oil set for production and further acquisitions

Union Jack Oil set for production and further acquisitions

Union Jack Oil (AIM:UJO) has announced it expects to start commercial production at its Wressle discovery.

In its 2016 first quarter results the company also reported the acquisition of a 10 per cent interest in PEDL005 (R), incorporating the Keddington Oilfield and said it will continue to look for further acquisition opportunities.

The financial highlights included posting a cash balance in excess of £2.6 million with the company remaining debt free.

“2015 has proved to be a successful year for the Company. Union Jack is in a sound position with an interest in a discovery at Wressle, which is moving closer to development, with a view to commencing commercial oil production during H2 2016, together with a healthy cash balance to progress its existing portfolio of drill-ready potentially high impact exploration prospects,” said UJO executive chairman David Bramhill.

“In addition, Union Jack has firm intentions of expanding its interests in other areas of the UK. I am enthusiastic in respect of the year ahead and I look forward to reporting progress with our projects and new acquisitions during 2016 and beyond.”

@RGNonline