Union Jack Oil PLC - UK-focused onshore hydrocarbon production, development, and exploration company - Wressle-1 well has been brought back into production following installation of a downhole jet pump. "Since production resumed, flow-rates in excess of 950 barrels of oil per day have been recorded. The well is now on continuous 24-hour production and is still cleaning up. Export and sale of oil has recommenced," Union Jack says. The firm owns a 40% interest in the asset. Europa Oil & Gas Holdings PLC, with a 30% stake, also notes the development.
Union Jack current stock price: 21.10 pence, up 8.2% on Wednesday
12-month change: down 40%
Europa Oil & Gas current stock price: 1.24 pence, up 1.4% on Wednesday
12-month change: down 2.6%
By Eric Cunha, Alliance News news editor
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Union Jack (UJO)
Europa Oil & Gas (EOG)