Scandoil  

Union Jack Oil to acquire further interest in PEDL253, Biscathorpe


Published Jun 23, 2015
Union Jack Oil

Union Jack Oil plc has reached agreement with Egdon Resources plc and Montrose Industries Limited to earn an additional 2% interest in PEDL253, located in Lincolnshire which contains the Biscathorpe Prospect. On completion of this agreed farm-in Union Jack will hold a 12 per cent. interest in PEDL253.

The Company originally acquired a 10.00% economic interest in PEDL253 in March 2013 in return for agreeing to pay 20% of the costs of the Biscathorpe-2 well. Under the terms of this new farm-in, Union Jack will earn an additional 1.2% interest from Egdon and 0.8% from Montrose under the same terms as above pro-rata.

Planning consent was granted for the Biscathorpe-2 exploration well in March 2015 and a conventional well is expected to be drilled in Q4 2015.

Tags: Union Jack Oil




Advertisment:

Add a Comment to this Article

Please be civil. Job and promotion will not be added into the comment page.

(Use Markdown for formatting.)

This question helps prevent spam:

+ Larger Font | + Smaller Font
Top Stories

 

 

 

 


 


RSS

RSS
Newsletter
Newsletter
Mobile News
Mobile news

Computer
Our news on
your website


Facebook
Facebook
Twitter
Twitter

Contact
Contact
Tips
Do you have any
tips to us
Stats

 

sitemap xml