Britain’s largest onshore gas field has been discovered by a trio of mining companies near Hull.
The site, which is subject to testing, could contain 189bn cubic feet of gas, enough to power around 3.2m households for a year, bringing in sales worth £947million at today’s prices. The previous largest discovery was Saltfleetby in Lincolnshire which had 76bn cubic feet of gas.
Analysts at Cantor Fitz-gerald said: ‘This looks like a cracking result for the partners which should have their share prices flying.’
Union Jack Oil plc (LON:UJO) is an onshore oil and gas exploration company with a focus on drilling, development and investment opportunities in the United Kingdom hydrocarbon sector.