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UK: Union Jack Oil completes a further acquisition of a 15 percent interest in PEDL253 Biscathorpe
01 Mar 2021
PEDL253 containing the
Biscathorpe project on the terms originally announced on 18 January 2021 and Union Jack now holds a 45% interest in PEDL253.
On the proposed conventional
B-2Z side-track appraisal well, the Company also highlights that a Planning Application has been made for the side-track drilling operation, associated testing and, in a success case, the long-term production of hydrocarbons at the Biscathorpe-2 wellsite, with drilling planned for H2 2021, subject to planning approval.
Highlights
PEDL253 is located within the proven hydrocarbon fairway of the Humber Basin, on-trend with the Keddington oilfield (Union Jack 55% interest) which produces oil from a Carboniferous Westphalian aged reservoir
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%
o Includes request for minimum 12-month extension · Significant upgrade in estimated resources o Gross Mean GIIP: 4,703 BCF o Gross Mean Prospective Resources: 3,527 BCF o Mean Prospective Resources net to Baron interest: 882 BCF Baron has a 33.33% interest in the shares of SundaGas (Timor-Leste Sahul) Pte. Ltd. ( SundaGas TLS ), the parent company of the Timor-Leste subsidiary holding the Chuditch PSC interest, with the remaining 66.67% being held by a subsidiary of SundaGas Pte. Ltd., a private E&P company based in Singapore. The sole asset of SundaGas TLS is its 100% shareholding in SundaGas Banda Unipessoal Lda., which in turn operates and holds a 75% interest in the PSC, with the remaining 25% carried interest being held by a subsidiary of the Timor-Leste state oil company (Timor Gap, E.P.). Baron therefore has an indirect 25% interest in the Chuditch PSC.