Union Jack Oil PLC (LON:UJO) expects more acquisitions to further bolster its portfolio of onshore UK oil and gas assets.
Underpinning its plans is a stake in the Wressle field, where production is set to begin in the second half of 2016.
Union Jack has an 8.3% interest in Wressle where operator Egdon is awaiting final approval for production to start at around 500 barrels of oil per day
UJO also has a 10% stake in the licence that includes the Keddington Oilfield and stakes in other fields including Burton on the Wolds, Laughton, Biscathorpe and North Kelsey – all onshore UK prospects.
In 2015, Union Jack posted a loss of £586,000 (£546,000).
At end April it reported a cash balance in excess of £2.6mln with no debt.
David Bramhill, executive chairman, said: “Union Jack is in a sound position with an interest in a discovery at Wressle… together with a healthy cash balance.
“In addition, Union Jack has firm intentions of expanding its interests in other areas of the UK.
Union Jack Oil PLC set for more acquisitions