Union Jack Oil plc announced that it has agreed to acquire a further 15% economic interest in PEDL253 containing the Biscathorpe project ("Biscathorpe") from Humber Oil & Gas Limited ("Humber"). Following completion of the acquisition Union Jack will hold a 45% interest in PEDL253. Under the terms of the Acquisition, the Company has entered into a Sale and Purchase Agreement with Humber, whereby Union Jack will acquire its 15% interest in PEDL253 for a cash consideration of £500,000 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 £500,000 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. The Effective Date of the Acquisition is 1 January 2021. Completion of the Acquisition is subject to OGA approval and certain precedents being satisfied.