Union Jack Oil (UJO) shares jumped 28.24% to 27.25p after it receives key approvals
Shares in Union Jack Oil reached highs of 28.7p today after the UK-focused hydrocarbon exploration company confirmed that it had received key approvals for two of its licences.
A planning application for drilling and production at the West Newton A site, as well as a time extension to allow further exploratory drilling at the West Newton B site were both approved.
The West Newton project is expected to support security of supply, contribute to reducing the widening supply gap and bring meaningful local inward investment and employment to the East Riding, consistent with the government`s levelling-up agenda, Union Jack told investors.
Reabold Resources (RBD) shares also jump 27.27% to 0.42p amid licence approval
Shares in Reabold, an investment company which focuses on investments in upstream oil and gas projects and another holder in the West Newton project, reached highs of 0.42p.
Reabold holds c.56% economic interest in West Newton via its c.59% shareholding in Rathlin.
The company said today’s approvals “will pave the way for the next phase of activity at West Newton as the partnership continues to move the project forward towards development.”
Sachin Oza, Co-Chief Executive Officer of Reabold Resources, commented: “As a low-carbon energy project, West Newton supports local investment in East Riding and contributes towards the UK’s ambitions for energy security, whilst supporting our pathway to Net Zero.”
88 Energy (88E) shares tick up 4.49% to 2.325p as it drills Merlin-2 surface hole to 2,005 feet
Following the commencement of drilling at the Merlin-2 appraisal well earlier this month,
88 Energy said the Merlin-2 surface hole has now been successfully drilled to 2,005 feet.
The Alaskan-focused explorer spudded the Merlin-2 appraisal well, which is located in Project Peregrine in the NPR-A region of the North Slope of Alaska, back on Tuesday 8 March 2022.
Today, 88 Energy informed investors that operations are progressing as planned and that the Arctic Fox rig is scheduled to commence drilling ahead to the reservoir targets ‘imminently.’
Petropavlovsk (POG) shares fall 13.06% to 1.913p as miner faces FTSE 250 expulsion
On Monday, the Index provider FTSE Russell, a subsidiary of London Stock Exchange Group PLC, announced that several of Russia-linked companies would be removed from the FTSE Russell indices as a result of ‘insufficient liquidity’ amid western sanctions against Russia.
This includes the Russian gold miner Petropavlovsk whose shares have shed by over 80% since the start of the year. The deletions will come into effect on Monday next week.