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Union Jack Oil PLC - UK onshore oil producer and explorer - Buys from Cambridge Petroleum Royalties Ltd a 2.5% cash generating royalty interest that is part of the royalty unit over 20% of the revenue from oil and gas production from the Claymore, Piper and Scapa oilfields located in the Central North Sea, known collectively as the Claymore and Piper complex. Pays USD130,000 from its existing cash balance as consideration.
"This compelling investment in a cash generating royalty over the Claymore and Piper Complex's oil and gas revenues, plays strongly to the Company's technical and analytical strengths in oil and gas and represents a low-risk entry strategy to the North Sea while generating superior investment returns," says Union Jack Executive Chair David Bramhill.
Says this represents Union Jack's first investment in the Claymore and Piper complex and company has plans for further investments during 2021. A "second, material transaction" is currently under negotiation and is at an advanced stage.
Current stock price: 38.78 pence; up 15% on Monday
Year-to-date change: up 21%
By Lucy Heming;Â lucyheming@alliancenews.com
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