Union Jack Oil expands into US with Mineral Royalty Packages in Permian basin

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.

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