Union Jack Oil announce Unaudited Results for the Half Year Ended 30 June 2014
Union Jack Oil plc (“Union Jack” or “the Company”), an on-shore oil and gas exploration company with a focus on drilling and development opportunities in the United Kingdom hydrocarbon sector is pleased to announce its unaudited results for the half year ended 30 June 2014.
The successful drilling of Wressle-1 conventional exploration well awaiting flow testing following indication of the presence of hydrocarbons in three main potential pay zones
Independent technical report published highlighting the shale potential of northern section of PEDL201 indicating un-risked volumes of approximately 540 million stock tank barrels of oil and 270 billion standard cubic feet of gas net to Union Jack
Approximately £4.0 million raised before expenses via three combined oversubscribed institutional placings
Cash position in excess of £3.5 million as at 29 September 2014
David Bramhill, Executive Chairman, commented: “Overall I am pleased with the progress of Union Jack. The Company is in a good place in respect of funding and the preliminary results from the Wressle-1 well, soon to be tested.A number of potential drill ready projects are currently being assessed and we look forward to expanding our drill ready portfolio over the coming months”
Source: Union Jack Oil plc