West Newton-A Wellsite Planning Update

RNS Number : 5303H

Union Jack Oil PLC

15 November 2018

 

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement

15 November 2018

Union Jack Oil plc

("Union Jack" or the "Company")

West Newton-A Wellsite Planning Update

Union Jack Oil plc (AIM: UJO), a UK Focused onshore hydrocarbon production, development and exploration company is pleased to announce that the application to extend the existing planning permission for a further period of 36 months at the West Newton-A wellsite was approved at today`s meeting of the East Riding of Yorkshire Council's Planning Committee.

Union Jack and its Commercial Partner, Humber Oil & Gas Limited each entered into a Farm-in Agreement on 5 November 2018 (subject to Oil and Gas Authority approval) with Rathlin Energy (UK) Limited, a wholly owned subsidiary of Canadian registered Connaught Oil & Gas Ltd, to acquire a 16.665% licence interest each in PEDL183.

PEDL183 is located onshore UK in East Yorkshire and within the Western sector of the Southern Zechstein Basin and contains the significant West Newton A-1 gas discovery (Best Estimate  Contingent Resource 189 Bcfe or 31.5 MMboe gross).

The drill ready West Newton appraisal well is planned to be drilled during Q1 2019.  Planning permission for this conventional well is already in place.

For further information please contact the following:

Union Jack Oil plc	[phone]
David Bramhill
SP Angel Corporate Finance LLP	[phone]
Nominated Adviser
Lindsay Mair
Richard Hail

 

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