Shares in Union Jack Oil fell more than 20% on the publication of an assessment of the Wressle oil field in North Lincolnshire this morning.
Union Jack Oil has revealed plans for two new wells next year, as it reported its first profit.
The leading partner in the Wressle oil site has reported an increase in revenues of 1099% in 2021, compared with the year before.
The operator of the Wressle oil site in North Lincolnshire said well testing would be completed early next year.
Union Jack Oil reported today it had made about US$300,000 (£217,000) from test production at the Wressle well in North Lincolnshire.
One of the backers of plans for long-term production in the Lincolnshire Wolds has said the carbon intensity of oil from the site would be below the UK onshore average.
Union Jack Oil announced this morning that the proppant squeeze planned for the Wressle oil well in North Lincolnshire had been approved.
Final consent had not yet been granted for the stimulation of the Wressle oil well in North Lincolnshire, Union Jack Oil confirmed today. But the company announced that tests on wells at two West Newton sites in East Yorkshire were expected soon.
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.