Union Jack Oil plc has sold for an undisclosed sum its 2.5% interest in the royalty agreement for the Claymore area in the central North Sea.
COMPLEX
In March 2021, the company signed the £93,730 deal for part of the royalty unit over 20% of the revenues from a complex comprising three fields of Claymore, Piper and Scapa oil fields.
In September of the same year, Union Jack decided against increasing its interest to 25% in favour of focusing on its core interests.
ONSHORE
“The company is pleased with the price and terms and conditions of the sale, which has generated an above average return on our original investment,” said executive chairman David Bramhill.
“Union Jack remains committed to becoming a mid-tier producer, with Wressle being the first step on that journey.
“The upcoming appraisal well at West Newton, planned drilling at Keddington and the other opportunities currently under evaluation all evidence significant progress towards our goal.”