Union Jack Oil ups stake in Wressle project in UK to 40%

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Union Jack Oil said it had agreed to acquire a further 12.5% stake in the Wressle project in North Lincolnshire from Humber Oil & Gas for £0.5m.

The deal would increase Union Jack's interest in the project to 40%, which it said reaffirmed its ongoing commitment to one of its three flagship projects.

The Wressle project's economics remained 'strong' in today's low oil price environment, with a cash break-even oil price estimated at $17.62 per barrel, it added.

At 9:04am: (LON:UJO) Union Jack Oil Plc share price was +0.01p at 0.21p