18 January 2021 | 07:28am StockMarketWire.com - Oil company Union Jack Oil said it had agreed to acquire a further 15% economic interest in a UK permit containing the Biscathorpe project from Humber Oil & Gas. The deal would see Union Jack Oil up its holding in PEDL253 to 45%. The company had offered £0.5 million cash, to be paid on Oil and Gas Authority approval and, following receipt of various planning approvals, a contingent payment of £0.5 million. PEDL253 was located within the proven hydrocarbon fairway of the Humber Basin, on-trend with the Keddington oilfield, which produces oil from a Carboniferous Westphalian aged reservoir. Story provided by StockMarketWire.com