Union Jack plans more reserve tests

Union Jack Oil, the Aim-listed shale gas explorer that saw its shares soar over 30 per cent last week on an upbeat reserve report, is in talks to commission similar reports at its other sites, executive chairman David Bramhill told City A.M. An independent review of shale resources at a site near Nottingham, in which Union Jack Oil owns a 10 per cent stake, had found 5.4bn barrels of oil and over 2.7 trillion cubic feet of gas. Bramhill said the firm, which has four licences in the East Midlands Basin, is hoping to pick up more acreage in the next licensing round, expected later this month.