- Union Jack Oil welcomed the results of further testing work by partner Egdon Resources that confirmed the presence of hydrocarbons at a UK exploration well.

Union Jack held a 22% interest in PEDL253 containing the Biscathorpe prospect and Biscathorpe-2 exploration well.

Egdon said in a separate announcement that a revised petrophysical analysis and other testing had upgraded the Biscathorpe-2 well result, confirming the likely presence of a 35 metre column, of good quality oil, within the Dinantian interval.

'This along with the elevated gas readings and oil shows over an extended interval in the well are indicative of proximity to an effective petroleum system and validate the potential that exists within the PEDL253 licence area,' Egdon said.

At 8:16am: [LON:UJO] Union Jack Oil Plc share price was +0.01p at 0.28p

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