Published: January 27, 2016 |

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Union Jack Oil has deepened its partnership with Egdon Resources  in onshore UK by taking a stake in the Laughton prospect in the East Midlands.

The two companies are already in partnership on five projects onshore in the UK including the Wressle prospect and most recently at Keddington.

This latest agreement will see Union Jack pay 16.67 percent of the cost of the Laughton-1 well scheduled to be drilled next month for a 10 percent economic interest in the conventional resources.

Union Jack will finance its contribution from its own funds.

David Bramhill, UJO’s executive chairman, said Laughton-1 had potential for discoveries in several stacked reservoirs, which Egdon believes may contain recoverable resources of 1.3 mln barrels of oil.

Bramhil said the acquisition would mean a busy start to 2016 with the Keddington-5 development well, Laughton-1 well and the compilation of a Field Development Plan in respect of bringing Wressle into production later in the year.

“These activities are all being funded from existing cash resources,” he said.

Source: (January 26, 2016) Proactive Investors

About Union Jack Oil
Union Jack Oil plc is an onshore oil and gas exploration company with a focus on drilling, development and investment opportunities in the United Kingdom hydrocarbon sector listed on the London Stock Exchange AIM market. The Company currently has four licenses in the East Midlands Basin and remains in negotiation with several established companies to acquire license interests in suitable projects.

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