The company believes the asset is one of the UK`s largest onshore un-appraised conventional licences
() said its deal to acquire an extra 3% of the Biscathorpe oil project in Lincolnshire has been given the greenlight from regulator Oil & Gas UK.
Once completed, the AIM-quoted company will own a 30% interest in the asset ahead of planned work programmes.
“We are pleased to complete this transaction, following which the company will hold a meaningful 30% interest in what we consider to be a key, potentially high-impact project within our well balanced portfolio,” David Bramhill, executive chairman of Union Jack said in a statement.
“PEDL253 remains, in the opinion of the company`s management one of the UK`s largest onshore un-appraised conventional licences.
“The joint venture intends to pursue a cost-effective side-track from the existing Biscathorpe-2 well site where the resource potential of the Basal Westphalian sandstone will be tested, and also the appraisal of the oil column demonstrated to be present in the deeper Dinantian Carbonate reservoir,” he added.
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