Business
OGA approval for PEDL253 Biscathorpe Acquisition
OGA approval for PEDL253 Biscathorpe Acquisition.
About this update from Union Jack Oil Plc
[{"type":"text","content":"\n \n \n RNS Number : 2159U\n Union Jack Oil PLC\n 28 July 2020\n \n \n \n \n Market Abuse Regulation (MAR) Disclosure \n \n \n Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement\n \n \n 28 July 2020\n \n Union Jack Oil plc\n (\"Union Jack\" or the \"Company\")\n Oil and Gas Authority Approval for PEDL253 Biscathorpe Acquisition\n \n Further to the announcement of 24 June 2020, Union Jack Oil plc, a UK focused onshore hydrocarbon production, development and exploration company, is pleased to announce that the Oil and Gas Authority (\"OGA\") has approved the acquisition by the Company from Montrose Industries Limited of a further 3% interest in PEDL253, containing the Biscathorpe Prospect.\n Union Jack will hold a 30% economic interest in this licence following the implementation of the Settlement Agreement which is also described in the 24 June 2020 announcement.\n \n \n David Bramhill, Executive Chairman of Union Jack Oil plc commented: \"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.\n \"PEDL253 remains, in the opinion of the Company`s management one of the UK`s largest onshore un-appraised conventional licences.\n \"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.\n I look forward to updating shareholders once all technical and operational plans are finalised by the joint venture partners during H2 2020.\"\n \n Information on Biscathorpe\n Biscathorpe is located within PEDL253 in the proven hydrocarbon fairway of the Humber Basin, on-trend with the Saltfleetby gasfield and Keddington oilfield (Union Jack 55%) which produces oil from a Carboniferous Westphalian aged reservoir, the principal target at Biscathorpe.\n The PEDL253 Joint Venture partnership has now completed extensive and detailed studies of the Biscathorpe project, including the...