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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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