Acquisition of a Further 15% Interest in the Biscathorpe Project PEDL253
Union Jack Oil plc (AIM: UJO), a UK focused onshore hydrocarbon production, development and exploration company is pleased to announce that it has agreed to acquire a further 15% economic interest in PEDL253 containing the Biscathorpe project ("Biscathorpe") from Humber Oil & Gas Limited ("Humber").
Following completion of the acquisition Union Jack will hold a 45% interest in PEDL253.
Highlights
·PEDL253 is located within the proven hydrocarbon fairway of the Humber Basin, on-trend with the Keddington oilfield (Union Jack 55%) which produces oil from a Carboniferous Westphalian aged reservoir
·Union Jack will acquire a 15% interest in PEDL253, containing the Biscathorpe project, increasing its interest to 45%