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Union Jack Oil strikes deals to increase stake in Biscathorpe

"We are pleased to have been offered this opportunity to increase our interest to 30% in Biscathorpe," said David Bramhill.

Union Jack Oil PLC - Union Jack Oil strikes deals to increase stake in Biscathorpe

Union Jack Oil PLC (LON:UJO) has struck a deal to acquire additional interests in the Biscathorpe project so that its stake increases to 30%.

The company is acquiring 3% of Biscathorpe in a deal with Egdon Resources Ltd (LON:EDR), and, separately it will pick up another 3% in a deal with Montrose Industries Ltd.

It also noted that the partners in the Biscathorpe project have now resolved a dispute arising under the joint operating agreement.

READ: Union Jack Oil ups Wressle stake to 40%

"We are pleased to have been offered this opportunity to increase our interest to 30% in Biscathorpe, where a potentially material and commercially viable hydrocarbon resource remains to be tested,” said David Bramhill, UJO executive chairman.

Bramhill highlighted that recent analysis has materially upgraded the resource potential and economic value of the project.

he added that in UJO’s opinion, PEDL253 remains one of the UK's largest onshore un-appraised conventional hydrocarbon licences.

“Having retained the wellsite, the joint venture has preserved its optionality to pursue a cost-effective side-track to test the resource potential of not only the Basal Westphalian Sandstone play and also to appraise the oil column demonstrated in the deeper Dinantian Carbonate reservoir,” Bramhill said.

“We are pleased that agreement has been reached with Humber, enabling the project now to move forward with full support from all partners.”

Quick facts: Union Jack Oil PLC

Price: 0.2676 GBX

AIM:UJO
Market: AIM
Market Cap: £41.32 m
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