Union Jack doubles interest in Lincolnshire licence

Union Jack Oil announced on Friday that it has agreed to acquire a further 10% interest in Lincolnshire licence from Celtique Energie Petroleum.

The purchase, which it will make for a nominal consideration, will increase its interest in the licence to 20%.

The licence contains the North Kelsey Prospect which is located approximately 10 kilometres to the south of the Wressle-1 discovery well in PEDL180.

The estimate of total mean combined prospective resources is 6.7m barrels of oil.

It now expects that operations on the North Kelsey-1 well will begin in the first quarter of 2016.