Union Jack, the hydrocarbon exploration company, is continuing to build its portfolio by the addition of two new assets.

Farm- In agreements have been executed to acquire a 6% interest from Egdon Resources U.K. Limited ('Egdon') and a 4% interest from Montrose Industries Limited ('Montrose'), in onshore UK Petroleum Exploration and Development Licence PEDL 253, containing the Biscathorpe Prospect and a 10% interest in PEDL241, containing the North Kelsey Prospect, from Egdon.

In addition, an option agreement has been signed with Egdon, whereby Union Jack has the right to acquire a 10% interest in Licence PEDL005R, limited to the North Somercotes Prospect and a further 5% interest in PEDL241.

These transactions are subject to approval from the Department of Energy and Climate Change.

Tags: Egdon Resources Plc, Union Jack Oil