Wressle Planning Update

RNS Number : 9475G

Union Jack Oil PLC

29 July 2019

 

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

29 July 2019

Union Jack Oil plc

("Union Jack" or the "Company")

Wressle Planning Update

Union Jack Oil plc (AIM: UJO), a UK focused onshore hydrocarbon production, development and exploration company is pleased to inform shareholders of a planning update in respect of the Wressle development, published by the Operator, Egdon Resources plc on 29 July 2019. Union Jack holds a 27.5% economic interest in PEDL180 and 182 which includes the Wressle hydrocarbon discovery.

As notified to shareholders on 29 April 2019, the planning inquiry to hear the appeal against the refusal of planning consent for the development of the Wressle discovery by North Lincolnshire Council's Planning Committee is scheduled to commence on 5 November 2019.

The Operator has been advised that, following a closed meeting held by North Lincolnshire Council ("NLC") on 17 July 2019, a decision has been made that NLC will not be presenting evidence at the Public Inquiry and will withdraw its case in respect of this appeal subject to the agreement of acceptable planning conditions.

The conventional Wressle-1 well discovered hydrocarbons in 2014.  During testing, a total of 710 barrels of oil equivalent per day were recovered from three separate reservoirs, the Ashover Grit, the Wingfield Flags and the Penistone Flags.  In September 2016, a Competent Person's Report provided independent estimates of reserves and contingent and prospective oil and gas resources for the Wressle discovery of 2.15 million stock tank barrels classified as discovered (2P+2C).  Under the proposed development plan, Wressle would commence production at an initial gross rate of 500 barrels of oil per day.

David Bramhill, Executive Chairman of Union Jack, commented:

"Echoing the Operator's comment, while this can be considered a very positive development, planning permission via appeal still needs to be obtained and the Operator, on behalf of the Joint Venture partners, remains focused on presenting the case for the Wressle development to the independent Planning Inspector in November 2019."

Competent Person's Statement

In accordance with the "AIM Rules - Note for Mining and Oil and Gas Companies", the information contained within this announcement has been reviewed and signed off by Graham Bull, Non- Executive Director, who has over 46 years of international oil and gas industry experience.

For further information, please contact:

Union Jack Oil plc	[phone]
David Bramhill
SP Angel Corporate Finance LLP	[phone]
Nominated Adviser and broker
Lindsay Mair
Richard Hail
Cassiopeia Services Ltd	[phone]
Public Relations
Stefania Barbaglio

 

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