Union Jack Oil has completed its acquisition of a 10% stake in the Keddington oil field, onshore UK.
The company is now one of four partners in licence PEDL005 in Lincolnshire, which also hosts the Louth and the North Somercotes prospects, following a deal with Egdon Resources.
Executive chairman David Bramhill, said: “We are pleased to complete the acquisition of our interest in Keddington, in line with our strategy to move from a pure exploration company to a production company.
“The board believes Keddington, which is currently in production, provides Union Jack with the opportunity to be involved in a relatively low-risk oil production and development play with significant upside potential.”
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