Union Jack Oil (LON:UJO) executive chairman David Bramhill told investors the future of the company looks bright.
Bramhill, in today’s results statement, highlighted the success of the Wressle discovery where an extended well testing programme will get underway in the near future.
And Union Jack boss also said he was looking forward to the drilling of the ‘high potential’ Biscathorpe-2 well. The company additionally has interests in the proposed North Kelsey well, which was granted planning consent in December.
"The results of the Wressle-1 well have to date exceeded our expectations with all three reservoir objectives producing hydrocarbons to surface,” he said.
“Looking beyond the Wressle-1 well and confirming its commerciality, we look forward to drilling the high potential Biscathorpe-2 well.
“We remain adequately funded and the future of your company remains bright."
Union Jack had £3mln of cash, as at May 15, and for the twelve months ended December 31 it has reported a £547,256 loss.