Onshore explorer Union Jack Oil has raised £650,000 through a placing of shares to take its UK operations forward in 2014.
The firm is looking to add momentum to ts investigation of shale oil and gas opportunities on its existing licences as well as including additional assets in the upcoming 14th onshore licencing round.
“There have been significant developments in the dynamics of the onshore unconventional UK oil and gas sector including the recent entry of oil and gas majors taking serious interest in this arena,” said David Bramhill, executive chairman at Union Jack Oil.
“Union Jack intends to leverage industry interest by quantifying the unconventional prospectivity in its existing licence interests and to acquire further licence interests holding both conventional and unconventional potential.”
The company currently has four licences in the East Midlands basin, after farming into Burton on the Wolds prospect with 10% interest and acquiring 8.33% interest in the Wressle prospect earlier last year.
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