Union Jack Oil PLC (AIM:UJO) has noted partner Egdon Resources' update on three UK onshore fields where it holds a material interest: Wressle (40%), Keddington (55%) and Biscathorpe (45%).
At Wressle in Yorkshire, production has already significantly exceeded forecast expectations with zero water to date, said UJO, and gas monetisation and development of Penistone Flags are the next priorities.
In Lincolnshire, Biscathorpe’s planning appeal result is expected around the turn of the year while Egdon has scheduled further drilling at Keddington during 2023.
David Bramhill, UJO’s executive chairman, said: "The update provided today by Egdon, especially in respect of our flagship project, the Wressle development, is particularly encouraging.
"We now have a clear focus on our forward strategy at Wressle to implement, as a priority, the monetisation of its gas reserves that also facilitates optimum oil production from the producing Ashover Grit reservoir.
“In parallel, the development plan and consenting process are being progressed to enable future production of the significant resources within the Penistone Flags reservoir.
"The additional revenue from monetisation of the Ashover Grit gas, together with increased oil production rates, will have a positive financial impact on revenues from the Ashover Grit and on the value of the Wressle field development when operational.”