The partners of an onshore oil and gas discovery located in the "heart of the East Midlands petroleum province" have vowed to fight North Lincolnshire Council's refusal to grant planning permission.
Union Jack Oil has reached an agreement with Egdon Resources to acquire a 10% interest in a licence which incorporates the Keddington oilfield in Lincolnshire.
The onshore oil and gas exploration company now has a stake in licence PEDL005 which also incorporates the Louth prospect and the North Somercotes prospect.
Union Jack will not have to pay any cash up-front but under the terms of the agreement will pay 20% of the costs of the proposed new Keddington appraisal well scheduled to be drilled later in the year.
