Union Jack Oil PLC (UJO) shares climbed on Wednesday on the back of speculation about the West Newton project in East Yorkshire.
The AIM listed company put out a statement mid-morning on Wednesday in response to recent market speculation in relation to West Newton volumetric data.
Union Jack has a 16.665% interest in the West Newton licence, which is operated by Rathlin Energy.
Rathlin completed flow testing of the A-2 well on 22 August, with analysis of the data gathered still ongoing, Union Jack said.
Union Jack shares were up 7% to 0.24p.