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Union Jack Oil PLC - oil & gas exploration company - Agrees to acquire a further 15% economic interest in PEDL253, containing the Biscathorpe project, from Humber Oil & Gas Ltd. Following completion of the acquisition Union Jack will hold a 45% interest in PEDL253, which is located within the proven hydrocarbon fairway of the Humber basin, on-trend with the Keddington oilfield. Cash consideration of GBP500,000 to be paid on Oil & Gas Authority approval and lodging of associated documents to allow licence interest transfer and, following receipt of various planning approvals, a contingent payment of GBP500,000, Union Jack Oil says.
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By Evelina Grecenko; evelinagrecenko@alliancenews.com
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