Union Jack Oil looks to Wressle production in second half

Union Jack Oil said the Wressle oil and gas discovery in Lincolnshire is moving closer to development with a view to beginning commercial production in the second half.

The company, which today widened its full year pretax loss to £0.59m from a loss of £0.55m, has an 8.33% interest PEDL180, which holds the Wressle discovery.

Union Jack said it has a healthy cash balance to advance its existing portfolio of drill-ready potentially high-impact exploration prospects, and also that it has firm intentions of expanding its interests in other areas of the UK.

"The board is actively reviewing a number of further projects across the UK with a focus on acquiring attractive low-cost producing or appraisal assets that bring production upside or additional late stage exploration/appraisal prospects that fit our strategy," the company said in a statement.