Union Jack Oil boss says future looks bright for Wressle project as it increases stake
"We are delighted to be able to increase our position in Wressle as it is an attractive near term production asset," said David Bramhill, Union Jack Oil chairman.
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LON:UJO
Union Jack Oil PLC is an oil and gas company with a focus on onshore production, development, exploration and investment opportunities within the United Kingdom and the United States of America hydrocarbon sector.
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"We are delighted to be able to increase our position in Wressle as it is an attractive near term production asset," said David Bramhill, Union Jack Oil chairman.
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CEO Hugh Mackay highlighted that Wressle will not only more than double net production it also substantially increases Europa’s asset backing.
Wressle is being fast-tracked to production following a successful exploration well which delivered excellent flow testing results last summer.
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A key focus is the group’s stake in the Wressle oil discovery, where first production is expected in late 2016.
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The project is located in the vicinity of the Wressle oil field and Union Jack highlighted recent successes have significantly reduced geological risk.
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