Union Jack Oil PLC (AIM:UJO) reported that it has sold a non-core asset, a 2.5% interest in the Claymore Area Royalty Agreement, for an undisclosed sum.
Executive chair David Bramhill, in a short statement, said the company is pleased with the sale price and terms.
The sale “generated an above average return on our original investment”, he said.
Bramhill added: “Union Jack remains committed to becoming a mid-tier producer, with Wressle being the first step on that journey.
“The upcoming appraisal well at West Newton, planned drilling at Keddington and the other opportunities currently under evaluation all evidence significant progress towards our goal."
Union Jack holds a 40% interest in the Wressle field which is currently the second most productive onshore oil operation in the UK after the Wytch Farm field.