Union Jack Oil announced on 9 March 2020 that it has agreed two deals with Terrain Energy in PEDL 005(R) and PEDL 339. For PEDL 005(R), block TF/38b Keddington, Union Jack Oil will acquire Terrain's 35% interest in the block which includes the producing Keddington field in return for GBP 200,000. Union Jack Oil has assumed costs of GBP 35,000 in relation to Keddington site activities from the effective date of 1 January 2020. For PEDL 339, block TF/38c, Union Jack Oil will acquire Terrain's 15% interest in the licence. Completion of the deals is pending OGA approval.   Keddington was discovered in in 1998 by Morrison Middlefield Resources Ltd subsidiary Candecca Resources Ltd. The field produces 28 bo/d from a Carboniferous reservoir. The partners in Keddington believe that there is remaining potential within the field which can be realized through further development drilling at the field. Approval is in place for the drilling of a further two wells and Egdon is finalizing its assessment of potential in-fill drilling locations. The site lease has been extended until 2029. In February 2020 Egdon completed the acquisition of a 20% interest from Terrain Energy in PEDL 005, block TF38b â Louth. The acreage contains the Louth prospect which Egdon is looking to farm down and potentially drill an exploration well later in 2020 or 2021.  Following completion of the deals interest in PEDL 005(R) â block TF/38b Keddington will be Egdon Resources U.K. Limited (45% + operator) and Union Jack Oil Plc (55%). Interest in PEDL 339 will be held by Egdon Resources U.K. Limited (65% + operator) and Union Jack Oil (35%).
UJO has taken on a further 35% from partner Terrain Energy in PEDL 005(R) (Keddington oilfield) for GBP 200,000, pushing its stake to 55% whilst operator Egdon retains its 45%. In parallel, UJO is also acquiring 15% in adjacent PEDL 339 (Louth + North Somercotes prospects).