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Union Jack Oil to acquire another 15% of Biscathorpe project
StockMarketWire.com
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Oil company Union Jack Oil said it had agreed to acquire a further 15% economic interest in a UK permit containing the Biscathorpe project from Humber Oil & Gas.
The deal would see Union Jack Oil up its holding in PEDL253 to 45%.
The company had offered £0.5 million cash, to be paid on Oil and Gas Authority approval and, following receipt of various planning approvals, a contingent payment of £0.5 million.
PEDL253 was located within the proven hydrocarbon fairway of the Humber Basin, on-trend with the Keddington oilfield, which produces oil from a Carboniferous Westphalian aged reservoir.
Story provided by StockMarketWire.com
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