Junior explorer Union Jack Oil announced Wednesday that it has agreed with Egdon Resources UK that it will farm into an onshore license in Lincolnshire, UK.
Petroleum Exploration and Development Licence 180 (PEDL 180) is on the western margin of the Humber Basin and includes the Wressle Project that was acquired by Egdon in 2012.
Gross mean prospective resources at Wressle are estimated at 2.1 million barrels of oil, and a well – to be drilled to 7,550 feet – is scheduled to begin operations in 4Q 2013.
After the farm-in deal is completed Egdon Resources will hold 25 percent of PEDL180, with Union Jack Oil holding 8.3 percent. Celtique Energie Petroleum and Europa Oil & Gas will both hold 33.3 percent.
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