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Union Jack Oil increases stake in Wressle field ahead of first oil

Subsequently Europa Oil & Gas retains 30% of Wressle, and UJO’s interest in the project rises to 11.67%.

Oil workers on a well
Wressle is due online in early 2017

Union Jack Oil PLC (LON:UJO) has completed its deal to acquire an extra 3.34% of the Wressle field from Europa Oil & Gas Holdings Plc (LON:EOG).

Subsequently Europa retains 30% of Wressle, and UJO’s interest in the project rises to 11.67%.

UJO paid £600,000 to acquire the additional interest, and the deal values its whole stake at around £2mln.

Wressle is expected to come online in early 2017 at a predicted rate of 500 barrels of oil per day, and Europa’s 500 bopd share would more than double group production.

David Bramhill, UJO executive chairman, said: "We are delighted to be able to confirm the increase in our position in Wressle, an attractive near term production asset where first commercial oil is expected to flow at an estimated constrained rate of 500 barrels of oil per day gross in early 2017, as well as providing Union Jack with further exposure to the promising Broughton North Prospect.

“The future looks bright for this project given the early 2017 production target and the additional potential for multi-development opportunities we see within PEDL180 and 182."

Quick facts: Union Jack Oil PLC

Price: 0.2 GBX

Market: AIM
Market Cap: £30.88 m

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