Union Jack Oil plc has purchased its first international interest with a 3.22% stake in onshore Germany-focused oil and gas company Beacon Energy plc.
SYNERGY
The purchase is equivalent to 439 million shares in the production, development, appraisal and exploration company through its wholly owned subsidiary, Rhein Petroleum GmbH.
Union Jack’s acquisition was part of the Beacon’s 15 September fundraise which reached £4.3m.
The move follows the company’s statement last week on its aim to find international projects in order to reduce future risk of its UK assets.
Chairman David Bramhill today said that its “initial” investment was a good use of capital generated from production at the Wressle oil field.
“We have met with the management of Beacon and are familiar with their onshore assets in Germany, which we consider hold impressive scope and upside potential for both the near and mid-term.
“Without doubt we see a synergy between Beacon’s and Union Jack’s modus operandi and we look forward to the results of what appears to be a very encouraging and value accretive work programme going forward, including the testing of the Schwarzbach-2(2.) well.”
The Schwarzbach licence is in the state of Hessen, central Germany.
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