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Union Jack Oil

West Newton onshore oil discovery could be ‘largest in UK’

The resources of a major onshore oil find have been upgraded, with analysts saying it could become the “largest” of its kind in the UK.

Union Jack Oil, a partner in the West Newton discovery in Yorkshire, has upgraded the estimated resources to a “base” case of 146.4million barrels of oil and 211.5 billion cubic feet of gas.

In the upside estimate, it could be as much as 283m barrels of oil and 265.9Bcf of gas.

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.

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.