Union Jack Oil has purchased its first international interest with a 3.22% stake in onshore Germany-focused oil and gas company Beacon Energy plc.
The purchase is equivalent to 439 million shares in the production, development, appraisal and exploration company through its wholly owned subsidiary, Rhein Petroleum GmbH. Union Jack’s acquisition was part of the Beacon’s 15 September fundraise which reached £4.3 million.
The move follows the company’s statement last week on its aim to find international projects in order to reduce future risk of its UK assets.
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.