StockMarketWire.com - Oil and gas group Union Jack Oil said a joint venture in which it was involved was on track to produce oil from the Wressle discovery in the UK during the second half of 2020.
The UK's Oil and Gas Authority had also approved Union Jack's acquisition of a further 12.5% of PEDL180 and PEDL182, which contain the Wressle discovery.
The company would hold a 40% interest on completion.
'The expected transformative economic effect on the company once commercial production is established will be welcomed and will be a major catalyst in achieving our goal of propelling Union Jack to mid-tier status,' executive chairman David Bramhill said.
At 9:16am: [LON:UJO] Union Jack Oil Plc share price was 0p at 0.28p
Story provided by StockMarketWire.com
Shares Magazine
Shares is the leading weekly publication for retail investors. It is packed with investment ideas, news and educational material to help build and run portfolios and get more from your money.
Investor Events
Shares puts on free Investor Events throughout the year across the country. They provide an opportunity for investors to learn more about companies on the stock market and hear from a range of investment experts including fund managers and Shares journalists.