The pair have signed a sale and purchase agreement which will see Union Jack buy a 3.4% interest in PEDL180 and PEDL182, which contain the Wressle discovery and Broughton North prospect in North Lincolnshire.
Union Jack will pay £600,000 ($778,980) for the stake which Europa said implied a £5.4 million mark to market for its remaining 30% interest in the licences.
“We
