Union Jack Oil plc announced that it has acquired a 3.22% stake in Beacon Energy plc, a full cycle oil and gas company with a portfolio of onshore German assets.
The deal, which was completed following Beacon’s recent fundraise, gives Union Jack 430 million ordinary shares of no par value in Beacon. Union Jack said that the investment was in line with its strategy to seek growth opportunities in foreign jurisdictions with politically safe regimes, and that it was a good use of capital generated from its flagship asset at Wressle.
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.