Union Jack Oil plc (AIM:UJO) signed a sale and purchase agreement to acquire an additional 15% stake in Biscathorpe Project PEDL253 from Humber Oil & Gas Limited for £1 million on January 18, 2021. Union Jack will acquire Humber Oil & Gas Limited's 15% interest in PEDL253 for a cash consideration of £0.5 million that will be paid on receiving OGA approval for the transfer of interest and the lodging of associated documents to allow transfer. A contingent consideration of £0.5 million will become payable to Humber on receipt of planning approval from Lincolnshire County Council for the side-track drilling operation, associated testing and the approval to undertake long-term production of hydrocarbons in a successful drilling case. Post completion, Union Jack Oil plc will hold 45% stake in Biscathorpe Project PEDL253. Monies payable to Humber will be financed from Union Jack Oil`s existing cash balance. Completion of the Acquisition is subject to Oil and Gas Authority approval and certain precedents being satisfied. Oil & Gas Advisers Limited acted as financial adviser to the Union Jack Oil plc and Gneiss Energy acted as financial adviser to Humber. Richard Morrison, Richard Hail and Caroline Rowe of SP Angel Corporate Finance LLP acted as financial advisor to Union Jack Oil plc.