Union Jack Oil raises Biscathorpe stake by 2%

Union Jack Oil (UKO) has increased its stake in the UK's Biscathorpe prospect by 2%.

The group now holds a 12% stake in the onshore project, which is allocated just 15km from its Wressle discovery, where extended production tests began last week.

Approval for the Biscathorpe site was granted in March, with drilling anticipated in the fourth quarter. The deal follows negotiations with Egdon Resources and Montrose Industries, UJO's partners in the project.

The acquisition is consistent with UJO's other expansion efforts, which primarily target high-impact, conventional wells.

“To grow further our drill-ready portfolio, we are currently actively reviewing a number of other potential asset acquisitions that are consistent with our strategy to add further value to the company,” said executive chairman David Bramhil.

As of 10:15 BST, UJO was trading 5.5% higher at 0.23p.