Union Jack Oil PLC Biscathorpe and North Kelsey Planning Update (9974N)

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RNS Number : 9974N

Union Jack Oil PLC

14 May 2018

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement

14 May 2018

Union Jack Oil plc

("Union Jack" or the "Company")

Biscathorpe and North Kelsey Planning Update

Union Jack Oil plc (AIM: UJO), a UK-focused onshore hydrocarbon production, development and exploration company is pleased to announce that the applications to extend the existing planning permissions to drill conventional, exploratory oil wells at both the Biscathorpe-2 and North Kelsey-1 site locations were approved at today's meeting of the Lincolnshire County Council Planning Committee. The planning permissions have now been extended to December 2020.

David Bramhill, Executive Chairman of Union Jack, commented:

"We are delighted with the Planning Committee's favourable decision to extend the planning permissions at Biscathorpe and North Kelsey.

"Biscathorpe-2 holds considerable upside potential for our Company with gross prospective oil resources of 14 million barrels and a high geological Chance of Success of 40%. We are enthusiastic about commencing drilling operations expected around mid-year 2018 and look forward to updating the market on progress in due course."

For further information, please contact:

 
 Union Jack Oil plc            [phone] 
 David Bramhill 
 
 SP Angel Corporate Finance 
  LLP                          [phone] 
 Nominated Adviser and 
  Broker 
 Lindsay Mair 
 Richard Hail 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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May 14, 2018 08:05 ET (12:05 GMT)