The partnership aims to acquire large, high-margin oil and gas production and development assets across the Lower 48 states of the US.
Construction of the company’s second well in the D41 offshore field in the Baltic Sea was completed earlier this month.
The contract entails engineering, procurement, construction and installation of subsea risers and flowlines for the first phase of the Sepia field, offshore Rio de Janerio.
Equinor, the operator of the field located in the Norwegian Sea, estimates recoverable volume to be 67 million bbls of oil and 1.4 billion m3 of gas.
Union Jack Oil’s revenue increased by 250% in 2018, standing currently with a cash balance in excess of £2.5 million.