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Union Jack Oil PLC (UJO)

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Thursday 14 March, 2019

Union Jack Oil PLC

Holmwood Update

RNS Number : 8090S
Union Jack Oil PLC
14 March 2019
 

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement

 

14 March 2019

 

Union Jack Oil plc

("Union Jack" or the "Company")

PEDL143 Change of Operator

Union Jack Oil plc (AIM: UJO) a UK focused, onshore oil and gas production company, notes the comments released today by Europa Oil & Gas (Holdings) plc ("Europa"), in respect of PEDL143 containing the Holmwood Prospect, where it has disclosed that it is in the process of transferring its operatorship of PEDL143 to UK Oil & Gas Investments plc ("UKOG").  Union Jack holds a 7.5% working interest in PEDL143.

Europa's announcement contained the following information:

"Europa Oil & Gas (Holdings) plc, the UK and Ireland focused oil and gas exploration, development and production company, is pleased to announce that it is in the process of transferring its operatorship of UK onshore licence PEDL 143 ('the Licence') to UK Oil & Gas Investments plc ('UKOG'). Europa will continue to hold a 20% interest in the Licence, which is located in the Weald Basin, Surrey, alongside UKOG (40%), Egdon Resources plc (18.4%), Angus Energy plc (12.5%), Union Jack Oil plc (7.5%) and Altwood Petroleum (1.6%).

The decision to transfer operatorship of PEDL 143 is based on Europa's focus on its high impact portfolio of exploration licences in Atlantic Ireland, its existing producing assets onshore UK, and the Company's pursuit of new ventures in its chosen areas of focus, specifically the Atlantic seaboard, North Africa and NW Europe.

With its operational activities centred on the Weald Basin, the Company believes UKOG's direct experience with, and technical knowledge of the Portland and Kimmeridge plays at the nearby Horse Hill discovery, will help inform a forward plan for the Licence.

The transfer of PEDL143 operatorship to UKOG is subject to Oil and Gas Authority consent."

 

For further information, please contact:

 

Union Jack Oil plc

+44 (0)7787 160 682

David Bramhill




SP Angel Corporate Finance LLP

+44 (0)20 3470 0470

Nominated Adviser


Lindsay Mair


Richard Hail




Cassiopeia Services Ltd

+44 (0)7949 690 338

Public Relations


Stefania Barbaglio


 


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