Union Jack Oil PLC (AIM:UJO) has welcomed Thursday's announcement by the UK prime minister, Liz Truss of the lifting of the moratorium on hydraulic fracturing in the UK onshore sector, where there is local support.
In a brief statement, the UK-focused onshore hydrocarbon production, development and exploration company said its directors welcomed today's announcement "as it could have a material and positive benefit when applied to progressing the company's ongoing development, appraisal and exploration activities across its various UK onshore licence interests".
The company added: "The directors highlight that the lifting of the moratorium is expected to positively change both the technical and commercial dynamics in respect of certain of Union Jack's licence interests going forward."
Union Jack said it now looks forward to obtaining expanded details on today's significant decision and a further update will be provided in due course.
In late afternoon trading, Union Jack shares were 7.2% higher at 46.50p.