Union Jack Oil is raising cash to finance its share of the West Newton-2 appraisal well.
Union Jack raised £1.75m at 0.075p a share and this will give it enough cash for the onshore well, where drilling should start in April, and gas production testing, as well as a field development plan. If the well is successful, then it should herald a major onshore gas development. There are other prospects on the licence area, where Union Jack has a 16.665% interest.
The licence area already includes the West Newton A-1 onshore gas discovery, which has 189 bcf of gas equivalent.
There will be cash left to bring the Wressle discovery, where Union Jack has a 27.5% interest, into production.
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