The payment will be taken in shares and will give Union Jack more exposure to UKOG’s Weald Basin assets, whilst UJO focus on near term drilling and production opportunities. UKOG is the company behind the exploration well at Broadford Bridge in West Sussex and a leading investor at Horse Hill, known as the ‘Gatwick Gusher’.
David Bramhill, Executive Chairman of Union Jack commented:
“Union Jack’s strategy is to focus on what we consider to be near term drilling and production opportunities in the UK. This agreement allows Union Jack to now concentrate totally on our focused areas of the East Midlands, Humber Basin and East Yorkshire. Our focused areas hold working interests in material and potentially company-changing assets including: 16.665% in West Newton, where drilling is set to commence in the very near future; 27.5% of Wressle that contains a discovery awaiting planning permission for development; and 22% of Biscathorpe that requires seismic reprocessing to provide information following recent drilling and for a potential side-track well in due course. In addition, Union Jack’s 20% working interests in the producing Keddington and Fiskerton Airfield oil fields provide us with oil revenues and exposure to additional workover and drill targets in our focused areas.
Payment for the sale will be in UKOG shares which allows Union Jack to not only benefit from UKOG’s increased interest in Holmwood, but also exposure to UKOG’s wider Weald Basin assets and other projects.”
Read the article online at: https://www.oilfieldtechnology.com/special-reports/16042019/union-jack-oil-sells-interest-to-gatwick-gushers-ukog/