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Union Jack Oil and Egdon eye February planning application for Biscapthorpe project

The plan is to drill via sidetrack from the suspended Biscathrope-2 well

Union Jack Oil PLC - Union Jack Oil and Egdon eye February planning application for Biscapthorpe project

Union Jack Oil PLC (LON:UJO) has relayed a statement from Egdon Resources which is operator of the Biscapthorpe project, where a planning application is slated for February.

Egdon’s statement noted that it will, on behalf of all partners, submit an application for planning permission for side-track well drilling, associated testing and, in a success case, long-term oil production.

The project operator added that its application will be accompanied by an Environmental Impact Assessment, after the Lincolnshire County Council (LCC) sought opinion on the need for such a study.

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Egdon said a thorough process will allow it to identify and address potential environmental impacts arising from the proposed activities. Additionally, Egdon plans to engage with the local community and statutory consultees via a virtual public consultation before it finalises the planning application.

Earlier this year, Union Jack highlighted that economic modelling showed that Biscathorpe was a financially robust project even in the current oil price environment. The main target was estimated to be worth (un-risked gross NPV) around £55mln, and, for production, a breakeven oil price of US$18.07 per barrel was estimated.

The plan would be to drill via sidetrack from the existing and suspended Biscathrope-2 well.

Aside from the main target, a separate 57-metre oil-bearing section in Biscathrope-2 is noted as a secondary target with potentially significant commercial upside.

Union Jack owns a 30% economic interest in Biscapthorpe.

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Price: 0.1343 GBX

AIM:UJO
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Market Cap: £26.61 m
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