Union Jack Oil PLC (LON:UJO)

Union Jack Oil PLC (LON:UJO)


Share Price
0.15 p
Change
0.005 (3.57 %)
Market Cap
£15.64 m
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Union Jack Oil PLC RNS Release

Wressle Planning Extension Update


RNS Number : 0658O
Union Jack Oil PLC
25 January 2019
 

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

 

25 January 2019

 

Union Jack Oil plc

("Union Jack" or the "Company")

Extension of Existing Planning Consent at Wressle Approved on Appeal

Union Jack Oil plc (AIM: UJO), a UK focused onshore on-shore hydrocarbon production, development and exploration company is pleased to announce that the operator of the Wressle oil discovery ("Wressle"), located on PEDLs 180/182 (Union Jack 27.5%) has advised the joint venture that its application to extend the existing planning consent for the Wressle site by a year was approved by the Planning Inspector on appeal yesterday.

The original application was refused by North Lincolnshire Council's ("the Council") Planning Committee on 1 August 2018, despite having been recommended for approval by their Planning Officer.

This extension to the existing planning consent to 24 January 2020 should allow the required time for the determination of an appeal against the refusal on 28 November 2018 by the Council's Planning Committee of the operator's application for the development of Wressle.

Wressle-1 was drilled in 2014 and tested in 2015, flowing a combined 710 barrels of oil equivalent a day from three separate reservoirs, the Ashover Grit, the Wingfield Flags and Penistone Flags.

A Competent Person's Report made independent estimates of Reserves and Contingent and Prospective Resources for Wressle of 2.15 million stock tank barrels of oil classified as discovered (2P+2C).

David Bramhill, Executive Chairman of Union Jack, commented:

"To echo the thoughts of our joint venture partners in this potentially company making project, we are very pleased that the Planning Inspector supported the operator's position in relation to this appeal.

"Following this positive outcome, we now look forward to the Planning Inspector considering at a future public enquiry an appeal against the further refusal by the Council on the 28 November 2018 of the revised development proposals for Wressle. The operator plans to submit the initial appeal documentation for Wressle in the coming week.

"We also believe the new proposals for Wressle comprehensively addressed the reasons highlighted by the Planning Inspector in his original dismissal of the development appeals in January 2018.  This position was supported by the recommendation for approval given by the Council's Planning Officer, also reinforced by an expert third party review undertaken on behalf of the Council."



 

For further information, please contact:

 

Union Jack Oil plc

+44 (0) 7787 160 682

David Bramhill




SP Angel Corporate Finance LLP

+44 (0) 20 3470 0470

Nominated Adviser


Lindsay Mair


Richard Hail




Cassiopeia Services Ltd

+44 (0) 7949 690 338

Public Relations


Stefania Barbaglio


 


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Union Jack Oil PLC Timeline

Newswire
February 05 2019

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