Gulf Oil and Gas accountACCOUNT

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%

Acquisitions and Divestitures News in United Kingdom >>

Argentina >>  11/13/2019 - Echo Energy, the Latin American-focused upstream oil and gas company, is pleased to announce that the acquisition by the Company of a 70 per cent. ini...
Trinidad and Tobago >>  11/12/2019 - Columbus is pleased to announce the extension of the Inniss Trinity Incremental Production Service Contract (Inniss Trinity IPSC) to allow for the imp...

Somalia >>  11/11/2019 - Genel Energy plc has increased its stake in the SL10B13 block, onshore Somaliland, to 100%, having acquired East Africa Resource Group's 25% stake. ...
Nigeria >>  11/8/2019 - Savannah Petroleum PLC, the British independent oil & gas company focused around activities in Niger and Nigeria, is pleased to provide an update in r...

United States >>  11/7/2019 - Diversified Gas & Oil PLC (DGOC) is pleased to announce the sale of its non-producing assets recently acquired in Monroe County, Ohio for total cash c...
United States >>  11/7/2019 - Pandion Energy has agreed to divest its 20% share in the Duva field through two transactions, one with PGNiG Upstream Norway AS and one with Solveig G...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


United Kingdom Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 |

More News

Related Links

Gulf Oil and Gas
Copyright 2019 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.