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Union Jack Oil welcomed news that the operator of its Wressle joint venture in North Lincolnshire expected it to produce first oil in the second half of 2020.
Union Jack held a 27.5% economic interest in the relevant licences.
'The project remains economically robust with an estimated break-even oil price of US$ 17.62 per barrel,' Union Jack executive chairman David Bramhill said.
At 2:25pm: (LON:UJO) Union Jack Oil Plc share price was 0p at 0.13p