Union Jack Oil PLC (LON:UJO) boss David Bramhill is a big fan of the presently undeveloped Wressle oil field, in Lincolnshire.
The company owns a 15% stake in Wressle which is described by Bramhill, UJO’s executive chairman, as a “marvellous” project.
Wressle is presently on hold because of problems securing planning permission to take the project into production, but project operator Egdon Resources is now preparing to submit a new application in May.
WATCH: Wressle set to be a 'game-changer' for Union Jack Oil
Egdon’s next application will incorporate findings from field work which set out to address the previously identified concerns, which related to ground water and hydrology.
Bramhill said he was feeling comfortable about the new planning application. Should the Wressle partners secure approval for the project, it would be a “game changer” for his company.
UJO’s share of Wressle’s production will amount to around 75 barrels of oil per day, which Bramhill says will be enough to see the company into a cash flow positive position.
“Wressle is one hell of a discovery. It’s marvellous. It really is,” he said.
Such is Bramhill’s confidence in the project, he would be happy to own more of it should any opportunity arise.
In an interview with Proactive Investors Stocktube, he said UJO would be happy to acquire as much of Wressle as it could get.
UJO’s acquisition and growth strategy is supported by a partnership deal with Humber Oil & Gas which owns 10% of the company’s equity and has a co-investment deal marked out for future projects.
“If anything did come on offer there are lots of possibilities that could happen there,” Bramhill added.
In the broad ranging interview, Bramhill also discussed the early successes with the work-over programme at the Fiskerton field, as well as the group’s promising exploration projects such as Biscathorpe and Holmwood.
