Union Jack Oil plc has decided not to acquire a further 25% interest in the Claymore Piper complex royalty units in the North Sea.
CORE PROJECTS
In March 2021, the company acquired a 2.5% interest in the complex, which at the time it said was attractive, cash generating and high yielding, and consistent with its objectives to become a mid-tier producer.
Union Jack also said that negotiations were at an advanced stage with two North American financial entities to acquire a further combined 25% interest.
In today’s news about a placing raising £3 million the company added: “In making its ongoing commitment to fund its core projects, the board has decided not to pursue the acquisition.”