document: On 8 June 2020 Union Jack Oil announced it has agreed a deal with Humber Oil and Gas to acquire the remainder of Humber's interest in PEDL 180 (block SE/90a) and PEDL 182 (block SE/91b) that host the Wressle field and the Broughton North prospect. Union Jack will pay GBP 500,000 to increase its interest in each licence by 12.5% and Humber will exit the licences. Union Jack will also acquire a deferred consideration element, amounting to GBP 1.04 million, payable to Calmer LP when first oil is achieved. The deal has enabled Union Jack to increase its interest in the Wressle field from 27% to 40%. The acquisition will be effective from 1 March 2020.  Operator of the licence, Egdon Resources, was granted planning consent for the Wressle field development on 17 January 2020. Following the consent, Egdon began to progress the field development and it completed the installation of groundwater monitoring wells in early-May 2020. First oil from Wressle is expected in 2H 2020 with a target production rate of 500 bopd. The project is estimated to have a break-even price of USD 17.62/b. The field was discovered in 2014 by the Wressle 1 exploration well that encountered hydrocarbons in the Carboniferous: Penistone Flags Member (~20 m thick), Wingfield Flags Member (~6 m thick) and the Ashover Grit Member (~6 m thick).   On completion of the deal, interest in PEDL 180 and PEDL 182 will be held by Egdon Resources U.K Limited (30% + operator), Europa Oil & Gas Limited (30%) and Union Jack Oil plc (40%).
summary: United Kingdom (Anglo-Dutch B.) PEDL 180 op. by EUROPA OGH (30%), EGDON (30%), UNION JACK (28%), HUMBER (13%), HEYCO (0%), UJO has agreed to acquire Humber O&G's 12,5% in PEDL 180 + 182 (Wressle project + Broughton North prospect SE of Hull) for GBP 500,000 cash, thereby boosting its interest to 40%. Partnership now to be Egdon (op) 30%, Europa 30%, UJO 40%.