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Union Jack Oil shares boosted on Biscathorpe-2 and North Kelsey-1 extensions

The extensions were granted at a Lincolnshire County Council Planning Committee today and the permissions are now in place until December 2020

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UJO shares climbed 11% to change hands at 0.11p.

Union Jack Oil PLC (LON:UJO) shares advanced on Monday after extensions were granted to planning permission for the Biscathorpe-2 and North Kelsey-1 well site locations.

The extensions were granted at a Lincolnshire County Council Planning Committee today and the permissions are now in place until December 2020, the company said in a statement.

WATCH: Union Jack Oil's David Bramhill feeling confident about Wressle application

"We are delighted with the Planning Committee's favourable decision to extend the planning permissions at Biscathorpe and North Kelsey,” said David Bramhill, Union Jack executive chairman.

"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%. 

Bramhill added: “We are enthusiastic about commencing drilling operations expected around mid-year 2018 and look forward to updating the market on progress in due course."

UJO shares climbed 11% to change hands at 0.11p.

Quick facts: Union Jack Oil PLC

Price: 0.16 GBX

AIM:UJO
Market: AIM
Market Cap: £24.71 m
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