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Union Jack Oil continues to build its UK onshore portfolio

Last updated: 07:07 05 Mar 2013 GMT, First published: 08:07 05 Mar 2013 GMT

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Oil junior Union Jack (ISDX:UJOP) announced its second and third of farm-in deals as it bids to build its portfolio of onshore assets here in the UK.

It has acquired 10% stakes in PEDL 253, in the South Humber Basin, and PEDL241, on the Humberside Platform and close to the Crosby Warren oilfield.

Additionally, the group, which is headed by the veteran oilman David Bramhill, has the option to acquire 10% of PEDL005R, also in the South Humber Basin, though the deal is limited to the North Somercotes Prospect. No financial details were given.

Last month the group announced it is taking a 10% stake in PEDL 201, an onshore licence in the East Midlands, and Bramhill said it could be one of half a dozen similar farm-in transactions this year.

In acquiring stakes in onshore properties in this way he will be following the blueprint set out in one of his earlier ventures, the highly successful Oil Quest Resources.

“We are looking at onshore UK. If we can get a slice of offshore, then fine,” he told Proactive Investors recently.

“But at the moment the strategy is very much the strategy of Oil Quest, my old company. “

“We may be bit more selective on the projects: we are only going into a project where we know the work has been done by others and they are good companies – established outfits.”


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