(Alliance News) - Union Jack Oil PLC on Wednesday said it has boosted its stake in the North Kelsey prospect after striking a deal with Egdon Resources PLC.
Union Jack will acquire an extra 30% stake in licence PEDL241, which includes North Kelsey. Union Jack and Egdon will then "jointly pursue" a farmout deal for drilling of the North Kelsey-1 exploration well, the duo explained.
Union Jack will pay GBP100,000 for the additional 30% take. It will now hold 50% of the asset, with Egdon, the operator, holding the other half.
Union Jack shares were 2.2% lower at 0.16 pence each in London on Wednesday afternoon. Egdon was untraded, last quoted at 1.77p.
By Eric Cunha; ericcunha@alliancenews.com
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Union Jack (UJO)