Union Jack Oil restarts production at Keddington

(Sharecast News) - Union Jack Oil announced on Wednesday that production has resumed at the Keddington oilfield following major site upgrades completed over the last year. The AIM-traded company reported that Keddington produced 992 barrels of oil over 23 days in June, with an average gross flow rate of 43 barrels per day during timed pumping of approximately 10.4 hours per day.

It said the newly installed equipment was performing well, and continued to be fine-tuned to optimise production.

Since recommissioning, Keddington has produced and sold more than 1,450 barrels of high-quality oil.

"As expected, current flow rates from Keddington are exhibiting a material increase in oil production to those seen prior to the site upgrades," said executive chairman David Bramhill.

"The production is contributing meaningful additional revenues, complementing our established cash flow from Wressle in the UK and our growth projects in the US at Moccasin, the Andrews Field and our Mineral Royalty portfolio."

Union Jack holds a 55% interest in Keddington, located onshore in the UK.

At 1100 BST, shares in Union Jack Oil were up 0.56% at 8.9p.

Reporting by Josh White for Sharecast.com.