LONDON (Alliance News) - Egdon Resources PLC and Union Jack Oil PLC said Monday they have acquired additional interest in two licences containing the Wressle oil discovery from Celtique Petroleum Ltd.
Union Jack bought a further 13% in the two North Lincolnshire, England-based licences raising its stake to 28% for a deferred consideration of GBP1.0 million.
Union Jack Oil shares were trading 5.8% higher at 0.11 pence each.
"The acquisition has an immediate positive impact on Union Jack by instantly increasing its reserves and resources base by 83% to in excess of 855,000 barrels of oil equivalent," Executive Chairman David Bramhill said.
Egdon bought a further 5% stake for a deferred cash consideration of GBP417,000 raising its interest to 30%.
Humber Oil & Gas will also acquire a 13% interest in the licences.
Egdon shares were trading down 0.6% at 11.06p each.