(AIM: UJO)
PEDL339 is located in the
As part of a farm-out agreement announced in
Under the terms of the farm out agreement the Company has agreed to pay 20% of the costs of the Louth-1 conventional exploration well to earn a 10% economic interest.
The Louth Prospect is located mostly within PEDL005(R) and extends into PEDL339. Union Jack holds a 10% interest in PEDL005(R) which also contains the producing Keddington oilfield.
Located on the margins of the
A well to test this prospect could be drilled in late 2017 subject to partner approval and receipt of planning and other consents.
The interests in PEDL339 post transfer will be:
Egdon Resources plc (Operator) 65%
Terrain Energy Limited 15%
Nautical Petroleum Limited 10%
Union Jack Oil plc 10%
For further information, please contact:
Union Jack Oil plc +44 (0) 77871 60682
David Bramhill
Shore Capital Nominated Adviser +44 (0) 20 7408 4090
Edward Mansfield
Anita Ghanekar
Corporate Broking
Jerry Keen
SP Angel Joint Broker +44 (0) 20 3470 0470
Richard Hail
Yellow Jersey PR Limited +44 (0) 7768 537 739
Public Relations
Dominic Barretto
Aidan Stanley
In accordance with the "AIM Rules - Note for Mining and Oil and Gas Companies", the information contained within this announcement has been reviewed by and signed off by Graham Bull, Non-Executive Director, who has over 46 years of international oil and gas industry exploration.
This information is provided by RNS