viewUnion Jack Oil PLC

Union Jack Oil PLC - Wressle Development Update

RNS Number : 6899M
Union Jack Oil PLC
13 May 2020

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


13 May 2020


Union Jack Oil plc

("Union Jack" or the "Company")

Wressle Development Update


Union Jack Oil plc (AIM: UJO), a UK focused onshore hydrocarbon production, development and exploration company notes the positive announcement made today by the Operator, in respect of the Wressle hydrocarbon development on North Lincolnshire licences PEDL180 and PEDL182.  Union Jack holds a 27.5% economic interest in these licences.

"The Wressle development was granted planning consent on appeal on 17 January 2020. The Planning Inspector also allowed Egdon's application for costs against the North Lincolnshire Council ("NLC") and we can advise that the gross sum of c. £403,000 has now been received from the NLC as settlement in full of these costs.  These monies will be divided between the partners, proportionate to their interests.


As previously advised, the plan for the Wressle development comprises the following key stages:

1.    Discharging the planning conditions, finalising detailed designs, tendering and procurement of materials, equipment and services and finalising all HSE documentation and procedures

2.    Installation of groundwater monitoring boreholes and establishing baseline groundwater quality through monitoring and analysis

3.    Reconfiguration of the site

4.    Installation and commissioning of surface facilities

5.    Sub-surface operations

6.    Commencement of production


Following NLC approval of the installation plan and discharge of the associated planning condition, we have now completed the installation of four groundwater monitoring boreholes on the Wressle site. These boreholes will be subject to monitoring and analysis throughout the life of the site, with an initial three months of sampling to determine baseline groundwater quality.


As previously advised, on current plans, the Company envisages first oil during H2 2020".


David Bramhill, Executive Chairman of Union Jack commented: "Excellent progress is being made in respect of the development process at Wressle leading to "first oil", expected during H2 2020.

"The project remains economically robust with an estimated break-even oil price of US$ 17.62 per barrel."


For further information, please contact:

Union Jack Oil plc                                                         +44 (0)78 0154 0358

David Bramhill


SP Angel Corporate Finance LLP                                +44 (0)20 3470 0470

Nominated Adviser and Broker

Richard Morrison

Richard Hail

Caroline Rowe


Cassiopeia Services Ltd                                                 +44 (0)7949 690 338

Public Relations

Stefania Barbaglio



This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

Quick facts: Union Jack Oil PLC

Price: 0.2225

Market: AIM
Market Cap: £34.36 m

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...



Union Jack's David Bramhill hails green credentials for its West Newton project

Union Jack Oil Plc's (LON:UJO) David Bramhill speaks to Proactive's Andrew Scott after revealing the highlights of a GaffneyCline authored Carbon Intensity Study on the West Newton project, onshore East Yorkshire. The study had positive conclusions including an AA rating for carbon intensity for...

3 weeks, 3 days ago