UK exploration newcomer Union Jack Oil says it is looking to begin work on its English fields after posting a £236,247 loss for the first six months of the year.
The company, which has a cash excess of more than £1million, says it will use the reserves to drill the Wressle-1 and Burton on the Wolds-1 exploration wells.
Union Jack gained planning permission after striking a deal to farm into Egdon’s licence for Burton on the Wolds in the East Midlands and an 8.33 per cent stake of the Wressle prospect.
The field is estimated to contain more than 2million barrels.
“In the space of just over one year Union Jack has obtained interests in four onshore UK drill ready prospects and will be involved in the drilling of the Burton on the Wolds-1 and Wressle-1exploration wells during the next few months,” said chairman David Bramhill.
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