StockMarketWire.com - Union Jack Oil said the Oil and Gas Authority (OGA) has now approved its acquisition of a further 3.33% interest in PEDL180 and PEDL182 from Celtique Energie Petroleum Ltd.

These licences contained the Wressle-1 discovery. Union Jack now held a 15% interest in both licences following completion of this transaction.

Consideration for the acquisition was £600,000 for the additional 3.33% economic interest.

Union Jack's current cash balance was in excess of £2m and the company was fully funded for its other committed projects including the drill-ready Biscathorpe-2 and Holmwood-1 conventional wells with gross Mean Prospective Resources of 14MMbbl and 5.6MMbbl of oil respectively, both expected to be drilled during H2 2017.






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