viewUnion Jack Oil PLC

Union Jack Oil to increase stake in Keddington oil field

The AIM-quoted onshore UK oil and gas firm increases its stake to 55%.

Union Jack Oil PLC -

Union Jack Oil PLC (LON:UJO) has agreed to acquire an additional 35% of the Keddington oil field.

The producing field currently yields around 28 barrels of oil per day, and, the agreement sees Union Jack increase its stake to 55%.

A planned in-fill drilling programme will aim for a “multi-fold” increase in production volume via “relatively inexpensive” side-tracks.

With the agreed acquisition, Union Jack’s share of the project’s contingent resources increases to 311,000 barrels, and, prospective resources rise to 349,250 barrels.

READ: UJO advancing toward West Newton restart

The company is also acquiring a 15% interest in the adjacent PEDL339 property which hosts the Louth prospect, estimated to hold some 600,000 barrels of oil, plus further prospective resource potential.

Union Jack executive chairman David Bramhill said: “This acquisition is an inexpensive transaction and provides an immediate uplift in oil production, which will have a beneficial effect when consolidated into the production revenues generated from Fiskerton Airfield and the expected ‘first oil’ from the Wressle development later in the year.

“Keddington also contains major scope for expansion which could be achieved by drilling a relatively inexpensive development well from the existing Keddington site.”

UJO is paying £200,000 consideration to acquire the extra stake in the field, funded from existing cash resources.

Quick facts: Union Jack Oil PLC

Price: 0.183 GBX

Market: AIM
Market Cap: £36.26 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Union Jack Oil PLC named herein, including the promotion by the Company of Union Jack Oil PLC in any Content on the Site, the Company receives...


Union Jack Oil: Proactive extended interview with chairman David Bramhill

Union Jack Oil PLC's (LON:UJO) David Bramhill sits down for an extended video chat with Proactive's Andrew Scott. It comes soon after updating on the ongoing drilling operation at the West Newton B-1 appraisal well project in East Yorkshire. The well, tagged WNB-1, has so far been drilled down...

on 30/11/20

2 min read