Union Jack Oil plc (AIM: UJO), a UK-focused onshore hydrocarbon production, development and exploration company notes the announcement made today by Egdon Resources plc (“Egdon”) of its Preliminary results.
Egdon is the operator of Biscathorpe, Wressle and North Kelsey of which Union Jack holds 22%, 27.5% and 20%, respectively. The announcement by Egdon contains a number of references to these projects.
Union Jack wishes to draw the attention of its shareholders to the announcement.
In July 2018, Petrichor Holdings Coöperatief U.A, an existing long-term and supportive shareholder, increased its interest in Egdon to 29.99% at a premium to the prevailing share price which represents a considerable vote of confidence in Egdon’s management, business model and the potential value of the Company’s assets. George Yates, owner of Petrichor, is a long term investor in numerous US shale plays not least through his significant shareholding in Matador Resources, the $3.8bn listed Permian Basin shale player, which acquired some of his assets in a cash and convertible share deal in 2015. Petrichor’s acquisition of its stake allowed the owners of Alkane Energy plc to exit their holding, which was non-core to them, and removes this historic potential overhang on the share register.
