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• In Brief
o Union Jack Oil (LON:UJO – 0.14p) – $6.4mm – $39.1mm – EA Planning Approval
In Brief
• Union Jack Oil (LON:UJO – 0.14p) – $6.4mm – $39.1mm – EA Planning Approval: Today's disclosure that Wressle has received Environment Agency ("EA") approval is a positive step, more so given the context. EA approval was granted previously, which was swiftly followed by the approval of North Lincolnshire Council's (the "Council's") planning officers. It was only at the committee stage (final approval) that the members elected to grandstand and use the rejection of the application to admonish the EA. Consequently, we believe that there would have been extra scrutiny at the EA, ahead of the application's approval. Given the EA's green light, we believe that not only does the application outline a suitable development plan, but should the Council not approve the development, that this, coupled with the previous poor performance by the committee, opens the C ouncil up to legal censure. Today's approval is a positive step, and one that we believe starts an exciting 12-month period for the Company. We are maintaining our current valuation at this time – $6.4mm (0.16p – Core) to $39.1mm (0.98p – Full).