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Union Jack Oil jumps on West Newton speculation

The company put out a statement in response to recent market speculation about drilling data from the East Yorkshire project

Union Jack Oil PLC -
West Newton is in the East Riding of Yorkshire

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.

Quick facts: Union Jack Oil PLC

Price: 0.15625 GBX

AIM:UJO
Market: AIM
Market Cap: £24.13 m
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Investor Update: Union Jack's West Newton potential confirmed

Headlines from the Proactive UK newsroom. Union Jack Oil (LON:UJO) has been informed by the operator that the Kirkham Abbey reservoir in the West Newton project area contains a base case 146mln barrels of oil and up to 283mln barrels in a best case. The liquid element is much higher than...

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