Union Jack Oil plc (LON:UJO), a UK focused, onshore hydrocarbon production, development and exploration company, has announced the disposal of its 2.5% interest in the Claymore Area Royalty Agreement.
David Bramhill, Executive Chairman of Union Jack Oil, commented: “The Company is pleased with the price and terms and conditions of the sale, which has generated an above average return on our original investment.
“Union Jack remains committed to becoming a mid-tier producer, with Wressle being the first step on that journey. The upcoming appraisal well at West Newton, planned drilling at Keddington and the other opportunities currently under evaluation all evidence significant progress towards our goal.”
Oil & Gas Advisors Limited acted as a financial adviser to the Company regarding this transaction.
