18 January 2021 | 07:28am
StockMarketWire.com - Oil company Union Jack Oil said it had agreed to acquire a further 15% economic interest in a UK permit containing the Biscathorpe project from Humber Oil & Gas.
The deal would see Union Jack Oil up its holding in PEDL253 to 45%.
The company had offered £0.5 million cash, to be paid on Oil and Gas Authority approval and, following receipt of various planning approvals, a contingent payment of £0.5 million.
PEDL253 was located within the proven hydrocarbon fairway of the Humber Basin, on-trend with the Keddington oilfield, which produces oil from a Carboniferous Westphalian aged reservoir.
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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%