Union Jack Oil PLC Wressle Planning Update

RNS Number : 6714I

Union Jack Oil PLC

18 October 2024

 

 

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

 

18 October 2024

 

UNION JACK OIL PLC

("Union Jack" or the "Company")

 

Wressle Planning Update

Union Jack Oil plc (AIM: UJO and OTCQB: UJOGF), a USA and UK focused onshore oil and gas production, development and exploration company, advise that further to the RNS dated 17 October 2024 the operator of Wressle, Egdon Resources UK Limited, has now been informed by North Lincolnshire Council ("NLC") that following receipt of legal opinion and in light of the Finch Supreme Court decision, NLC will not seek to resist the proposed legal challenge brought in respect of NLC's decision to grant the planning consent for further development of the Wressle well site (see RNS dated 16 September 2024). The proposed legal challenge is based on NLC omitting to request data that details the likely Scope 3 GHG (greenhouse gas) emissions as part of its process in granting planning approval.

 

Having sought their own legal advice, the Wressle Joint Venture partners have concluded they would not be in a position to defend the proposed legal claim. As such it is fully expected that the planning consent will be quashed once the court process has concluded.

 

The forward plan, on conclusion of the court process, is to seek a new screening opinion from NLC with additional supporting data that details the likely Scope 3 GHG (greenhouse gas) emissions. Depending on the outcome of this screening opinion either the existing "live" application would be redetermined by NLC or an Environmental Impact Assessment would be submitted.

 

This decision has no effect on the ongoing current operations or production at Wressle, which remains profitable.

 

For further information please contact the following:

 

Union Jack Oil plc		[e-mail]
David Bramhill
SP Angel Corporate Finance LLP		[phone]
Nominated Adviser and Joint Broker
Matthew Johnson
Richard Hail
Caroline Rowe
Shore Capital		[phone]
Joint Broker
Toby Gibbs
Harry Davies-Ball
Gneiss Energy Limited		[phone]
Financial Adviser
Jon Fitzpatrick
Paul Weidman
Harbor Access		[phone]
USA Investor Relations
Jonathan Paterson

 

 

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