Wressle Update - Oil Storage Consent

RNS Number : 7929Z

Union Jack Oil PLC

26 May 2021

 

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

26 May 2021

Union Jack Oil plc

("Union Jack" or the "Company")

Wressle Update - Oil Storage Consent

Union Jack Oil plc (AIM: UJO), a UK focused onshore hydrocarbon production, development and exploration company, is pleased to announce that it has been advised by Egdon Resources U.K. Limited, the Operator, that consent has been received from the North Lincolnshire Council for the storage of crude oil under the Planning (Hazardous Substances) Regulations 1992 at the conventional Wressle Oilfield Development ("Wressle").

Wressle is located in North Lincolnshire, on the Western margin of the Humber Basin, covered by licences PEDL180 and PEDL182. Union Jack holds a 40% economic interest in this development.

The grant of consent allows full use of the installed oil storage capacity at site of approximately 2,000 barrels and will enable full production from the Wressle-1 well to be achieved following the proppant squeeze, which is expected to increase overall production to a constrained 500 barrels of oil per day (200 barrels net to Union Jack). 

David Bramhill, Executive Chairman of Union Jack commented: "The JOA partners are pleased to have received this final consent, which will allow the production target at Wressle to be realised following the proppant squeeze operation which is planned to be executed and completed during June 2021."

For further information, please contact:

Union Jack Oil plc                                                                      [e-mail]

David Bramhill

SP Angel Corporate Finance LLP                                             [phone]

Nominated Adviser and Broker

Richard Morrison

Richard Hail

Caroline Rowe

Cassiopeia Services Ltd                                                             [phone]

Public Relations

Stefania Barbaglio

Novus Communications Ltd                                         [phone] / Twitter:@NovusComms Financial Public  Relations

Alan Green/Jacqueline Briscoe

 

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