Union Jack Oil buys royalties from three North Sea fields

Onshore-focused exploration and production company Union Jack Oil has acquired a royalty interest in revenues generated from three fields in the Central North Sea.

The royalty is a 2.5 per cent interest over 20 per cent of oil and gas revenues produced at the Claymore, Scapa, and Piper complex.

Union Jack Oil said on Monday that it was using its cash resources to buy the income stream for $130,000 from Cambridge Petroleum Royalties.

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.

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