Union Jack

Oil & Gas

Union Jack Oil strikes deal with Egdon Resources

Union Jack Oil has reached an agreement with Egdon Resources to acquire a 10% interest in a licence which incorporates the Keddington oilfield in Lincolnshire. The onshore oil and gas exploration company now has a stake in licence PEDL005 which also incorporates the Louth prospect and the North Somercotes prospect. Union Jack will not have to pay any cash up-front but under the terms of the agreement will pay 20% of the costs of the proposed new Keddington appraisal well scheduled to be drilled later in the year.