Union Jack Oil PLC UK 14th Onshore Oil and Gas Licensing Final Awards (4255L)
October 03 2016 - 1:00AM
UK Regulatory
TIDMUJO TIDMUJOP
RNS Number : 4255L
Union Jack Oil PLC
03 October 2016
UNION JACK OIL PLC
(AIM: UJO)
UK 14(TH) Onshore Oil and Gas Licensing Final Awards
Union Jack Oil plc ("Union Jack" or the "Company"), an onshore
oil and gas production and development company with a focus on
production, development and investment in the United Kingdom
onshore hydrocarbon sector, note that the Oil & Gas Authority
("OGA") has formally issued Egdon Resources plc ("Egdon"),
Petroleum Exploration and Development Licence ("PEDL") 339 arising
from the UK 14(th) Onshore Oil and Gas Licensing Round.
PEDL339 is located in the East Midlands Petroleum Province and
contains a portion of the Louth Prospect.
As part of a farm-out agreement announced in July 2015 Egdon
will transfer a 10% interest in PEDL339 to Union Jack for nil
consideration, subject to OGA consent.
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 Humber Basin, the prospect is
defined on re-processed 3D seismic data and is estimated by the
operator, Egdon to contain Stock Tank Oil Initially In Place
("STOOIP") of 5.5 million barrels of oil and gross mean Prospective
Resources of 1.4 million barrels of oil with an attractive chance
of success of 37%.
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
The company news service from the London Stock Exchange
END
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