StockMarketWire.com - Oil company Union Jack Oil posted a first-half loss as it continued to develop its Wressle, West Newton and Biscathorpe prospects in the UK.

Pre-tax losses for the six months through June amounted to £0.83 million, compared to year-on-year losses of £0.89 million.

Revenue rose to £0.24 million, from £0.06 million.

'Developments at our three material projects where we have meaningful economic interests have generated a steady stream of encouraging news flow, which we expect will be continued based on current activities,' executive chairman David Bramhill said.

Wressle production rates, he added, were now well in excess of a projected 500 barrels of oil per day.


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