Egdon Resources has announced plans for a new well and oil production at its site at Biscathorpe in Lincolnshire.
Union Jack Oil has raised £7m for work at oil sites in the East Midlands and future acquisitions.
Losses in Union Jack Oil more than doubled in the first half of 2020, compared with the same period last year.
Union Jack Oil announced this morning it had increased its interest in the Biscathorpe oil site in Lincolnshire.
An oil formation in Lincolnshire, missed by a well drilled last year, could be reached by a new sidetrack, a group of companies said today.
The moratorium on fracking, along with planning delays and weak commodity prices are a challenge for the future, Egdon Resources has concluded
Union Jack Oil plc has raised £5m to press ahead with drilling plans at West Newton in East Yorkshire, the company announced this morning.
This month, Cuadrilla began fracking its second well at Preston New Road, near Blackpool. 12 days later it was ordered to stop after causing the UK’s largest fracking-induced earth tremor.
A drilling licence in Lincolnshire remains one of the UK’s largest untested onshore prospects, Union Jack said today, even though the most recent well was suspended without finding oil or gas.
Egdon Resources’ new well at Biscathorpe, near Louth in Lincolnshire, has failed to encounter the oil formation it was targeting, the company said this afternoon.