Union Jack Oil is spending £1m to become the largest investor in the Biscathorpe oil licence in Lincolnshire.
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.
A request by Egdon Resources for more time at its exploration site at North Kelsey has again been backed by council officials.
Egdon Resources is seeking to extend its planning consent for oil exploration at North Kelsey in Lincolnshire for another year.
Union Jack Oil announced this morning it had increased its interest in the Biscathorpe oil site in Lincolnshire.
Egdon Resources has said it is cutting costs because low oil prices following the coronavirus outbreak have hit profitability in its fields.
Europa Oil & Gas, one of the main investors in oil production plans at Wressle, announced today it had cut salaries and cancelled non-core contracts because of the coronavirus outbreak and oil price falls.
Production from the Wressle oil site near Scunthorpe will break even at $17.62 a barrel, the operator, Egdon Resources, has said. In an update, the company’s managing director, Mark Abbott, said: “Our modelling shows that the Wressle development is economically robust at and below the current oil price […]