Union Jack Oil plc has raised £5m to press ahead with drilling plans at West Newton in East Yorkshire, the company announced this morning.
The exploration site at West Newton, north of Hull, has more oil than previously estimated, investors in the site said today.
Rathlin Energy has suspended the extended well test at its West Newton well site in East Yorkshire – just a week after the start.
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.
An investor in the West Newton wellsite in East Yorkshire has said it could be the UK’s largest onshore gasfield and the largest onshore hydrocarbon discovery since 1973.
The onshore oil and gas company, Union Jack Oil has announced a loss of £1.1m in its accounts for 2018, published today. This compares with a deficit of £0.75m in 2017.
Investors in the West Newton oil and gas site north of Hull have announced that drilling is underway on a second well.