Union Jack Oil is spending £1m to become the largest investor in the Biscathorpe oil licence in Lincolnshire.
Egdon Resources reported a £4.75m loss today, along with falling production and revenues.
Union Jack Oil announced this morning it had increased its interest in the Biscathorpe oil site in Lincolnshire.
Union Jack Oil plc is to pay £500,000 to become the largest single investor in the Wressle oil field in North Lincolnshire.
Reabold Resources has increased its stake in oil and gas exploration at West Newton in East Yorkshire to more than 50%.