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Share Price: 22.75

Bid: 22.00

Ask: 23.50

Change: -1.25 (-5.21%)

Spread: 1.50 (6.818%)

Open: 24.00

High: 24.00

Low: 22.75

Prev. Close: 24.00

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Union Jack Oil shares up after reporting success at Andrews 1-17 well

Mon, 08th Apr 2024 09:34

(Alliance News) - Union Jack Oil PLC said on Monday that "positive" progress has been made at one of its key North American projects.

The UK and US-focused oil and gas company holds a 45% interest in the West Bowlegs prospect in Oklahoma.

The company confirmed the potential of the Andrews 1-17 well following a 4,600 feet drill programme that revealed elevated gas readings and high porosity at the site.

Testing conducted by the site's operator, Reach Oil & Gas Inc, is scheduled to commence within the next fourteen days and the project remains incident free and below budget.

Union Jack Executive Chairman David Bramhill said: "As we learn more about the technical and production attributes of the well over the coming weeks, I am certain that our US drilling activities will be accelerated and another positive phase of growth will be added to the company's already successful ventures, both sides of the Atlantic."

Union Jack shares were up 11% to 21.16 pence each in London on Monday morning.

By Elijah Dale, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

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26 Aug 2022 11:24

Union Jack reaches 'landmark' $9m net revenue from Wressle

(Sharecast News) - Union Jack Oil announced on Friday that "material landmark" net revenues of $9m have been achieved from the Wressle development, on licences PEDL180 and PEDL182 in North Lincolnshire, on the western margin of the Humber Basin.

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IN BRIEF: Union Jack schedules UK High Court capital reduction hearing

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8 Aug 2022 13:08

Egdon, Union Jack confirm appeal to Lincolnshire council planning refusal

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Egdon, Union Jack appeal against North Kelsey planning blow

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25 Jul 2022 11:15

Union Jack set for maiden profit as Wressle revenue hits $8m

(Sharecast News) - Union Jack Oil announced on Monday that "material landmark" net revenues of $8m (£6.63m) have been achieved from the Wressle hydrocarbon development within licences PEDL180 and PEDL182 in North Lincolnshire, on the western margin of the Humber Basin.

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20 Jun 2022 13:21

Union Jack Oil reaches $7m revenue since Wressle re-start

(Sharecast News) - Union Jack Oil announced on Monday that material landmark net revenues of $7m (£5.71m) have been achieved from the Wressle hydrocarbon development, located within licences PEDL180 and PEDL182 in North Lincolnshire, on the western margin of the Humber Basin.

20 Jun 2022 11:13

IN BRIEF: Union Jack Oil earns USD7 million from Wressle development

Union Jack Oil PLC - Bath-based UK-focused oil and gas company - Reports it has made USD7.0 million in revenue from Wressle hydrocarbon development in North Lincolnshire from production since August 2021. This represents increase of USD2 million from USD5 million total revenue reported on April 25. "Current daily production figures continue to be an average constrained flow-rate of 750 barrels of oil per day, well in-excess of the forecast of 500 barrels of oil per day from the Ashover Grit reservoir," it says.

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IN BRIEF: Egdon, Europa and Union Jack get okay for Wressle field plan

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