Union Jack Oil has executed a farm-in agreement with Egdon Resources and Celtique Energie Petroleum to acquire a 10% interest in the onshore UK PEDL201 licence area.
Under the terms of the agreement, Union Jack will pay 10% of the cost of the planned Burton on the Wolds-1 exploration well to earn a 5% interest from each of Egdon and Celtique.
The licence is located in the East Midlands on the southern margin of the Widmerpool Gulf, a geological basin with proven oil generation and migration, and on trend with the Rempstone and Long Clawson producing oilfields.
PEDL201 contains the Burton on the Wolds Prospect, a four-way dip closed, footwall structure on the Hoton Fault system. The prospect has been mapped using new (2011) and reprocessed 2D seismic data.
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