REG - Union Jack Oil PLC - Sale of Interest in the Claymore Royalty Agreement

Union Jack OilAnnouncement

04/05/2023 07:00

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RNS Number : 3321Y  Union Jack Oil PLC  04 May 2023

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR") and is disclosed
in accordance with the Company's obligations under Article 17 of MAR.

 

4 May 2023

 

Union Jack Oil plc

("Union Jack" or the "Company")

Sale of Interest in the Claymore Area Royalty Agreement

 

Union Jack Oil plc (AIM: UJO), a UK focused, onshore hydrocarbon production,
development and exploration company, is pleased to announce the disposal of
its 2.5% interest in the Claymore Area Royalty Agreement.

 

David Bramhill, Executive Chairman of Union Jack Oil, commented: "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.

"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."

 

Oil & Gas Advisors Limited acted as a financial adviser to the Company
regarding this transaction.

 

For further information, please contact:

Union Jack Oil plc
 
info@unionjackoil.com

David Bramhill

SP Angel Corporate Finance LLP
 
+44 (0)20 3470 0470

Nominated Adviser and Joint Broker
Matthew Johnson

Richard Hail

Kasia Brzozowska

Shore Capital
 
+44 (0)20 7408 4090

Joint Broker
Toby Gibbs

Iain Sexton

 

Glossary

 Claymore Area Royalty Agreement  The Claymore Area Royalty Agreement relates to the Claymore Limited Recourse
                                  Credit Agreement (1989) which offers the parties certain royalties in relation
                                  to the Claymore, Piper and Scapa fields in the North Sea. This Agreement does
                                  not relate to an equity interest in the Claymore, Piper and Scapa fields
                                  themselves.

 

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