Union Jack Oil (LON:UJO) has increased its stake in the Biscathorpe prospect, onshore UK, to 12% from 10%.
It is the result of deals with UJO’s partners in the project Egdon Resources (LON:EDR) and Montrose Industries.
Approval was granted in March for a well at Biscathorpe, and it is anticipated that drilling can get underway in the fourth quarter of this year.
Biscathorpe is located about 15 kilometres away from the Wressle discovery, where an extended production test programme began last week. UJO and Egdon are both partners Wressle, alongside Europa Oil & Gas (LON:EOG).
David Bramhil, UJO’s executive chairman, describes Biscathorpe as a ‘high impact’ conventional and he says the project is consistent with the company’s strategy to invest in drill-ready opportunities.
“To grow further our drill-ready portfolio, we are currently actively reviewing a number of other potential asset acquisitions that are consistent with our strategy to add further value to the company,” he said.
Bramhill added that UJO will report any future acquisitions as they occur.
Following today’s Biscathorpe agreement UJO owns 12%, while Egdon has 52.8% and Montrose has 35.2%.