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Union Jack Provides Update on PEDL339 farm-in

Source: www.gulfoilandgas.com 10/3/2016, Location: Europe

Union Jack Oil plc, an onshore oil and gas production and development company with a focus on production, development and investment in the United Kingdom onshore hydrocarbon sector, note that the Oil & Gas Authority ("OGA") has formally issued Egdon Resources plc ("Egdon"), Petroleum Exploration and Development Licence ("PEDL") 339 arising from the UK 14th Onshore Oil and Gas Licensing Round.

PEDL339 is located in the East Midlands Petroleum Province and contains a portion of the Louth Prospect.

As part of a farm-out agreement announced in July 2015 Egdon will transfer a 10% interest in PEDL339 to Union Jack for nil consideration, subject to OGA consent.

Under the terms of the farm out agreement the Company has agreed to pay 20% of the costs of the Louth-1 conventional exploration well to earn a 10% economic interest.

The Louth Prospect is located mostly within PEDL005(R) and extends into PEDL339. Union Jack holds a 10% interest in PEDL005(R) which also contains the producing Keddington oilfield.

Located on the margins of the Humber Basin, the prospect is defined on re-processed 3D seismic data and is estimated by the operator, Egdon to contain Stock Tank Oil Initially In Place ("STOOIP") of 5.5 million barrels of oil and gross mean Prospective Resources of 1.4 million barrels of oil with an attractive chance of success of 37%.

A well to test this prospect could be drilled in late 2017 subject to partner approval and receipt of planning and other consents.

The interests in PEDL339 post transfer will be:

- Egdon Resources plc (Operator) 65%
- Terrain Energy Limited 15%
- Nautical Petroleum Limited 10%
- Union Jack Oil plc 10%

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