Wressle Planning Update

RNS Number : 0380P

Union Jack Oil PLC

05 February 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

5 February 2019

Union Jack Oil plc

("Union Jack" or the "Company")

Wressle Planning Appeal

Union Jack Oil plc (AIM: UJO), a UK focused on-shore hydrocarbon production, development and exploration company is pleased to announce that it has been advised by the operator that the appeal against the refusal of planning consent for the development of the Wressle oil discovery by the North Lincolnshire Council's (the "Council") Planning Committee on 28 November 2018 was submitted to the Planning Inspectorate on 1 February 2019.

Union Jack holds a 27.5% interest in PEDLs 180/182 containing the Wressle oil discovery.  On test the Wressle-1 well flowed a combined 710 barrels of oil equivalent oil and gas from three separate reservoirs, the Ashover Grit, the Wingfield Flags and the Penistone Flags.  A Competent Person's Report made 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).

On 24 January 2019 an earlier application to extend the planning permission consent for the Wressle site was approved by the Planning Inspector on appeal.

David Bramhill, Executive Chairman of Union Jack, commented:

"We are looking forward to a Planning Inspector considering the appeal for the development of the Wressle discovery.

"We strongly believe, as does the operator, the enhanced proposals for the development of Wressle address, comprehensively, the reasons highlighted by the Planning Inspector in his dismissal of the initial appeals in January 2018.

"This position was supported by the recommendation for approval given by the Council's Planning Officer, also reinforced by an expert third party review undertaken on behalf of the Council".

For further information, please contact:

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

 

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