Union Jack Oil PLC (LON:UJO) chairman David Bramhill has downplayed the potential impact of the new planning disappoint for the Holmwood project.

Holmwood operator Europa Oil & Gas Holdings PLC (LON:EOG) has been forced to withdraw its planning application, following the decision by the Minister for the Environment, Food and Rural Affairs to deny a renewal of the lease for the Bury Hill Wood operations site which was to host the Holmwood exploration well.

READ: Europa’s Holmwood frustration as its forced to withdraw planning application

Europa is now assessing possible alternative sites for a well.

Bramhill, in UJO’s stock market statement, said: "The potential consequences of the Minister's decision are minimal for Union Jack as it holds a balanced portfolio of ten attractive onshore licence interests in the UK, including producing assets at Keddington and Fiskerton, a development project at Wressle and a planned well at Biscathorpe to be drilled during October/November 2018."