Egdon Resources plc has withdrawn its appeals against council refusal for exploratory drilling at North Kelsey because of an invalid lateral borehole but plans to submit a new application. LATERAL BOREHOLE The company added that the lateral borehole was a fundamental aspect of the exploratory well on PEDL241 to ensure all targets were fully explored. […]
Tag: Union Jack Oil plc
Union Jack swings to £3.6m profit from 340% rise in revenue
Union Jack Oil plc recorded its first net profit of £3,606,624 post tax from a 340% increase in oil revenues mainly from the Wressle joint venture in the East Riding of Yorkshire. FINANCES The company’s audited results for the year ended 31 December 2022 showed revenues from oil sales of £8,507,050 (2021: £1,894,875) from Wressle […]
Union Jack sells 2.5% royalty interest in Claymore
Union Jack Oil plc has sold for an undisclosed sum its 2.5% interest in the royalty agreement for the Claymore area in the central North Sea. COMPLEX In March 2021, the company signed the £93,730 deal for part of the royalty unit over 20% of the revenues from a complex comprising three fields of Claymore, […]
Reabold finds potentially “highly significant” Crawberry Hill
Reabold Resources plc said it had identified a significant potential discovery of Crawberry Hill in the Zechstein play region on PEDL183, in east Yorkshire. MATERIAL ADDITION The company added its priority was to develop plans to make the site, originally drilled by operator Rathlin Energy (UK) Ltd, a drill-ready appraisal opportunity. “This could add materially […]
West Newton JV commits to well path for WN B-2
Reabold Resources plc and its joint venture (JV) partners have committed to a well path for the West Newton B-2 (WN B-2) well in the East Riding of Yorkshire. JOINT VENTURE The company holds a 56% economic interest via its 59% share in operator Rathlin Energy (UK) Ltd, which has a 66.67% in PEDL183. In addition, […]
Union Jack starts share buyback
Union Jack Oil plc has started a share buyback programme funded by its own existing cash. TREASURY The programme will also be within the limitations of the authority granted by shareholders at the 2021 general meeting in June 2022. As at 27 March 2023, the company had purchased a total of 2,825,000 ordinary shares in […]