Union Jack Oil has increased its interest in one of the UK’s leading onshore shale gas companies by buying an extra 4 million shares.

The purchase, announced today, brings Union Jack’s holding in Egdon Resources to 17 million shares, representing 3.13% of Egdon’s share capital.

Union Jack said it had exercised four million warrants at 2.5p each to buy the shares.

The company’s stake in Egdon was valued at about £909,500 at the close of business yesterday (3 October 2022).

Egdon Resources, along with Cuadrilla, IGas and Ineos, hold most of the UK’s onshore shale gas licences.

Egdon has interests in 19 licences in onshore shale gas prospective areas and is operator of nine of them.

Wressle

Union Jack has a separate 40% interest in the Wressle oil licences in North Lincolnshire, operated by Egdon.

Egdon owns 30% of the licences (PEDL180 and PEDL182). The remaining 30% is held by Europa Oil & Gas Limited.

Union Jack also announced today that its revenue from production at the Wressle well has now exceeded US$10 million.