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Union Jack Buys Further Licence Stake From Egdon And Montrose

Mon, 22nd Jun 2015 07:26

LONDON (Alliance News) - Union Jack Oil PLC on Monday said it has struck a deal to acquire a further 2% stake in the PEDL253 licence in Lincolnshire from Egdon Resources PLC and Montrose Industries Ltd.

The deal will increase Union Jack's stake in the licence to 12% from 10%. That will leave Egdon with a 52.8% stake in the licence and Montrose with a 35.2% stake.

Planning consent was granted for the Biscathorpe-2 exploration well in March 2015 and a conventional well is expected to be drilled in the fourth quarter of 2015.

Union Jack shares were up 3.4% to 0.2222 pence on Monday morning, while Egdon shares were up 6% to 15.4999 pence.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance

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EDR.L Share News (EDR)

Union Jack Buys Further Licence Stake From Egdon And Montrose

Edgon confirms licence extensions and conversions

Egdon, Union Jack Unveil UK Licence Changes By Oil & Gas Authority

AIM Partnership Sees "One In Three Chance Of Success" At Holmwood

WINNERS & LOSERS SUMMARY: Inmarsat Shares Up On SpeedCast Partnership

Union Jack, Egdon Align Interests In Wressle And Broughton North Sites

AIM oil and gas explorers surge on Yorkshire fracking decision

Union Jack Oil Joins String Of AIM Companies On Holmwood Prospect

Union Jack Hopes To Start Wressle Production In Second Half Of 2016

Egdon Resources Loss Widens On Impairments, Focus On Wressle

Egdon Resources And Union Jack Oil Plug And Abandon Lincolnshire Well

Egdon, Union Jack Begin Drilling Laughton Well In Lincolnshire

Egdon reveals promising stats from Keddington

Egdon Resources Says Keddington-5 Well Suspended For Future Testing

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