Union Jack Oil disposes of interest on Claymore Area royalty

4th May 2023 13:01

(Sharecast News) - UK-focussed onshore hydrocarbon producer, developer and explorer Union Jack Oil updated the market on the sale of its interest in the Claymore Area royalty agreement on Thursday.

The AIM-traded firm announced the disposal of its 2.5% interest, on satisfactory terms and conditions.

"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."

At 1108 BST, shares in Union Jack Oil were down 1.96% at 22.55p.

Reporting by Josh White for Sharecast.com.

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