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Oil Capital

West Newton acquisition 'a cracking deal' for Union Jack Oil Plc

David Bramhill, executive chairman of Union Jack Oil PLC (LON:UJO) discusses with Proactive's Andrew Scott their decision to acquire a 16.667% stake in the West Newton gas discovery in Yorkshire.

To support the transaction UJO's raising £2.25mln of new capital.

The transaction's been agreed with Rathlin Energy, a subsidiary of Canadian firm Connaught Oil & Gas, via a farm-out that commits UJO to cover 25% of the cost of an appraisal well in the first quarter of 2019.

 

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