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Union Jack Oil notes partners at Biscathorpe end dispute as settlement is received

Back in June, Humber and Egdon said they looked forward to co-operating in the development of the licence.

Union Jack Oil PLC - Union Jack Oil's partners at Biscathorpe end dispute as settlement is received

Union Jack Oil PLC (LON:UJO) has noted a resolution of the dispute between its fellow partners in the PEDL253 licence, which hosts the Biscathorpe project in Lincolnshire

A payment from Humber Oil & Gas has been received by Egdon Resources PLC (LON:EDR) following a confidential settlement agreement, agreed in June.

READ: UJO and partners advancing next West Newton well plans

“The joint parties to PEDL253 have therefore resolved the dispute arising under the JOA and look forward to co-operating in the future in the development of the licence," Egdon said in a statement.

Back in June, Humber and Egdon said they looked forward to co-operating in the future in the development of the licence.

At that time, Egdon also noted that a detailed evaluation of the Biscathorpe project had concluded that a possible material and commercially viable hydrocarbon resource remains to be tested.

Quick facts: Union Jack Oil PLC

Price: 0.1422 GBX

AIM:UJO
Market: AIM
Market Cap: £28.18 m
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on 4/8/20

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