Union Jack buys into German oil and gas
Union Jack announced this morning it was buying a 3% stake in Beacon Energy plc, an onshore oil and gas company with assets in Germany.
Union Jack announced this morning it was buying a 3% stake in Beacon Energy plc, an onshore oil and gas company with assets in Germany.
Star Energy and Union Jack Oil have reported falling profits in interim accounts published this week.
Oil production from the Wressle field in north Lincolnshire helped boost annual revenue by 349% for Union Jack, the company said today.
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.