Union Jack Oil, the majority investor in the Wressle onshore site in North Lincolnshire, has announced its first move into the US.
In a statement today, the company said it had bought three mineral royalty packages in Texas.
They are all in the Permian basin, which produces about 6% of the world’s daily oil requirements.
The packages cost £677,235, Union Jack said. They will be owned in perpetuity and estimated to have an economic life of more than 26 years, the company said.
Union Jack Oil plc (LON:UJO) is an onshore oil and gas exploration company with a focus on drilling, development and investment opportunities in the United Kingdom hydrocarbon sector.