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Union Jack Oil increases interest in Biscathorpe project

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Oilfield Technology,

Union Jack Oil has announced the acquisition of a further 3% of PEDL253 containing the Biscathorpe project in Lincolnshire, UK, and the signing of a legally binding and confidential settlement agreement between Egdon Resources U.K. (acting on behalf of the joint venture partners) and Humber Oil & Gas.

Union Jack has also entered into a sale and purchase agreement with Montrose Industries to purchase a further 3% interest in PEDL253 which increases the company's economic interest to 30%.

Biscathorpe has recently been considered 'financially' robust and a break-even full-cycle estimated to be US$18.07/bbl. The company also has interests in other two major projects: West Newton and Wressle. The three onshore assets are located in the UK East Midlands Province and Humber Basin.

David Bramhill, Executive Chairman of Union Jack Oil, commented: “We are pleased to have been offered this opportunity to increase our interest to 30% in Biscathorpe, where a potentially material and commercially viable hydrocarbon resource remains to be tested.”

“The collective extensive technical information analysed over the past several months, combined with the APT conclusions on the likely presence of good quality oil have materially upgraded the resource potential and economic value of the project, upholding our opinion that PEDL253 remains one of the UK’s largest onshore un-appraised conventional hydrocarbon licences.”

“Having retained the wellsite, the joint venture has preserved its optionality to pursue a cost-effective side-track to test the resource potential of not only the Basal Westphalian Sandstone play and also to appraise the oil column demonstrated in the deeper Dinantian Carbonate reservoir.”

“We are pleased that agreement has been reached with Humber, enabling the project now to move forward with full support from all partners.”

“We look forward to providing further updates to shareholders as the Biscathorpe project develops.”

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