Executive Chairman of Union Jack, David Bramhill commented: “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.

“Wressle production over the past 12 months has been transformational for Union Jack. Revenues are fast approaching US$11 million and the Wressle-1 well continues to produce above expectations.”

And provided operational commentary on a number of projects in which Union Jack holds material economic interests, namely, Wressle (40%), Keddington (55%) and Biscathorpe (45%) where certain details have been summarised below.