Union Jack Oil adds new UK onshore resource to portfolio
Published by Louise Mulhall,
Editorial Assistant
Oilfield Technology,
Union Jack Oil plc has announced it has reached agreement with Europa Oil & Gas Limited ("Europa" or the Operator) to acquire a 7.5% economic interest in PEDL143 located within the Weald Basin, located in southern England and containing the drill-ready Holmwood Prospect (the Acquisition).
The Acquisition is in line with the Company's stated strategy of identifying attractive drill-ready opportunities. The Company is to participate in the drilling of the planned Holmwood-1 exploration well, which obtained planning consent during 2015 that will test the Holmwood Prospect's identified Portlandian and Corallian sandstone reservoirs and the same Jurassic section that tested oil from Kimmeridge limestones at Horse Hill.
Highlights
Terms of acquisition
Union Jack is not paying any up-front cash consideration to earn a 7.5% economic interest in PEDL143.
Under the terms of the Acquisition Union Jack, has agreed to pay to Europa:
Adapted from a press release by Louise Mulhall
Read the article online at: https://www.oilfieldtechnology.com/exploration/23052016/union-jack-oil-adds-new-uk-onshore-resource-to-portfolio/
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