Union Jack Oil PLC Wressle Update (1658W)
07 February 2017 - 7:00AM
UK Regulatory
TIDMUJO TIDMUJOP
RNS Number : 1658W
Union Jack Oil PLC
07 February 2017
UNION JACK OIL PLC
(AIM: UJO)
Wressle Update
Union Jack Oil plc ("Union Jack" or the "Company"), an onshore
oil and gas production and exploration company with a focus on
production, exploration, development and investment in the United
Kingdom hydrocarbon sector provides the following update on plans
to progress the consenting for the development of the Wressle oil
field located within PEDL180 and PEDL182 following the recent
decision of North Lincolnshire Council's Planning Committee to
refuse planning permission for hydrocarbon production.
The Company currently holds an 11.67 per cent. interest in both
licences.
The operator, Egdon Resources plc ("Egdon") having consulted
with the Joint Venture partners ("the JV") and having taken further
detailed advice have informed the JV that they will submit a formal
appeal against the refusal of planning consent at the earliest
opportunity.
In addition, Egdon have also stated that they will in parallel
submit a new planning application for the Wressle development which
will include even more detailed information to address the specific
concerns outlined by the North Lincolnshire Council in their
refusal.
Egdon will look to progress both the new application and the
appeal through the planning system as quickly as possible. The
Board of Union Jack believe that this dual track approach will
provide the best opportunity for a successful outcome with the
minimum delay.
David Bramhill, Executive Chairman of Union Jack, commented:
"The Joint Venture is supportive of the dual approach taken by
Egdon to resolve this situation with the minimum of delay.
For Union Jack, it is very much business as usual and plans for
the preparation of drilling of Biscathorpe-2 and Holmwood-1
conventional wells continue in respect of what the Company
considers to be two excellent prospects, both with significant
volumetric potential if successful and moderate geological
risk.
Union Jack has a current cash balance in excess of GBP1,800,000
and receives a modicum of cash flow from its 10% interest in the
Keddington oil field. The Company is fully funded for its current
drill programme"
For further information, please contact:
Union Jack Oil plc
David Bramhill +44 (0) 77871 60682
Shore Capital
Nominated Adviser
Edward Mansfield
Anita Ghanekar
Corporate Broking
Jerry Keen +44 (0) 20 7408 4090
SP Angel
Joint Broker
Richard Hail +44 (0) 20 3470 0470
Yellow Jersey PR Limited
Public Relations
Dominic Barretto +44 (0) 7768 537 739
This information is provided by RNS
The company news service from the London Stock Exchange
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