Union Jack Oil today confirmed it was fully funded and debt-free as it pursues its latest onshore campaign.
In its half-year results, the explorer reported a cash position in excess of £2million.
Its field development plan for the Wressle discovery is “progressing” and the firm expects to commence operations in the final quarter of this year.
Executive chairman David Bramhill said: “Union Jack is well placed with a number of development, appraisal and drilling projects underway that are fully funded from our available cash resources.
“We are not deviating from our strategy and we are continuing to see an escalation of the rewards of that focus.
“I am pleased to offer a positive Half Yearly Report to our shareholders and I look forward to reporting on the progress of our asset base during the remainder of 2016 and beyond.”