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Timor Leste: Baron Oil announces results of independent resource update for the Chuditch PSC energy-pedia.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from energy-pedia.com Daily Mail and Mail on Sunday newspapers.
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%
AIM-listed Union Jack Oil has agreed to acquire a further 15% economic interest in PEDL253 containing the Biscathorpe project from Humber Oil & Gas, increasing its interest to 45%. 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.
AIM-listed Baron Oil has provided shareholders with an update on the Chuditch PSC, offshore Timor-Leste. Technical work completed to date indicates an aggregate gross Mean recoverable prospective resource of greater than 3,500 BCF of gas (more than 580 MMBOE).