15th May 2018 13:49
LONDON (Alliance News) - Union Jack Oil PLC said Tuesday it entered a sale and purchase agreement with Celtique Energie Petroleum Ltd to acquire a 16.25% stake in PEDL201 and a 12.5% in PEDL181 license.
The hydrocarbon exploration and production company will acquire the stakes for a total cash consideration of GBP7,500.
Union Jack's commercial partner Humber Oil & Gas Ltd will also separately acquire similar stakes in the two licences for the same amount.
PEDL201 is located in the Widmerpool Gulf and PEDL181 is located in the Humber Basin, both locations are considered prospective for oil and gas, the company said.
Following the purchase, Union Jack will hold 26.25% in PEDL201 and 12.5% in PEDL181.
Union Jack Oil shares were trading at 0.11 pence, up 0.9%.
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