Firm joins oil drilling venture
A Bath firm has bought a ten per cent share of an oil drilling enterprise in the East Midlands.
Charlotte Street-based Union Jack Oil has become part of a joint venture with four other companies to explore a potential oil field at Burton on the Wolds in Leicestershire.
The project, being led by Egdon Resources UK and Celtique Energie Petroleum, is about to submit a planning application to Leicestershire County Council for an exploratory borehole for oil. The other companies involved in the exploration are Terrain Energy Limited and Corfe Energy Limited.
If oil is found at the site, the companies say they would then look to apply for planning permission for a production site. Egdon Resources UK estimates the site could produce 3.8 million barrels of oil over ten years.
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It is the first deal for Union Jack, which started trading in December.
In a statement the company which has raised £562,250 of share funding, said: "The directors consider this inaugural transaction to ideally suit the investment strategy of Union Jack with near-term drilling activity at a location in an area of proven hydrocarbon production, and a low cost development if successful."