Completion of Acquistion of Interest in PEDL005

RNS Number : 5931Z
Union Jack Oil PLC
21 September 2015
 

Union Jack Oil plc

(AIM: UJO)

Completion of Acquisition of Interest in PEDL005(R) Incorporating the Keddington Oilfield

 

Further to the announcement of 14 July 2015, Union Jack Oil plc ("Union Jack" or the "Company"), an onshore oil and gas exploration company with a focus on drilling, development and investment opportunities in the United Kingdom hydrocarbon sector, is pleased to announce that all the required authorities have been received to acquire a 10 per cent. interest in licence PEDL005(R), located in Lincolnshire. PEDL005(R) incorporating the producing Keddington oilfield, the Louth prospect and the North Somercotes prospect (together the "Acquisition") from Egdon Resources plc.

 

Following completion of the Acquisition the interests in PEDL005(R) are now:

 


Keddington Oilfield

PEDL005(R) Excluding Keddington

Egdon Resources U.K. Limited

45%

65%

Nautical Petroleum Limited

10%

10%

Terrain Energy Limited

35%

15%

Union Jack Oil plc

10%

10%

 

David Bramhill, Executive Chairman of Union Jack Oil plc commented:

"We are pleased to complete the acquisition of our interest in Keddington, in line with our strategy to move from a pure exploration company to a production company. The Board believes Keddington, which is currently in production, provides Union Jack with the opportunity to be involved in a relatively low-risk oil production and development play with significant upside potential."

 

For further information please contact the following:

Union Jack Oil plc

David Bramhill

 

+44 (0) 77871 60682

Shore Capital

Nominated Adviser

Bidhi Bhoma
Edward Mansfield

Corporate Broking

Jerry Keen

 

+44 (0) 20 7408 4090

SP Angel
Joint Broker
Richard Hail

 

+44 (0) 20 3470 0470

Yellow Jersey PR Limited

Public Relations

Dominic Barretto

 

+44 (0)7768 537 739

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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