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Union Jack Oil emphasises ‘balanced portfolio’ as Holmwood venture is frustrated

Union Jack, with its 'balanced portfolio', is looking forward to drilling at the Biscathorpe project in the coming months

oil and gas operations
Europa is now looking at alternative sites for a Holmwood well

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."

Quick facts: Union Jack Oil PLC

Price: 0.2792 GBX

Market: AIM
Market Cap: £43.11 m

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