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Union Jack Oil PLC (UJO)

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Tuesday 24 July, 2018

Union Jack Oil PLC

Holmwood Planning Update

RNS Number : 5053V
Union Jack Oil PLC
24 July 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

 

24 July 2018

 

Union Jack Oil plc

("Union Jack" or the "Company")

Holmwood Planning Update

 

Union Jack Oil plc (AIM: UJO), a UK-focused onshore hydrocarbon production, development and exploration company notes the announcement released this morning by Europa Oil & Gas (Holdings) plc ("Europa"), in respect of PEDL143, where Union Jack holds a 7.5% interest. Europa included the following statements:

"Europa Oil & Gas (Holdings) plc, the UK and Ireland focused exploration, development and production company, is pleased to provide a planning update regarding the Holmwood conventional oil exploration prospect in the Weald Basin ('Holmwood') on Licence PEDL 143 at Bury Hill Wood, Coldharbour Lane, Surrey.  Europa Oil & Gas Limited is operator of PEDL 143 in which it holds a 20% interest.

Europa will today submit a planning application to Surrey County Council seeking a Variation of conditions 3 and 19 (i) of Appeal Decision APP/YB3600/A/11/2166561, to extend the temporary period of the permission for the well site by a further 3 years and to remove the requirement for the scheme to include an identified HGV holding area.  It has also applied today for two other associated planning applications - for the underground drilling corridor and for the temporary security fence, which is to be erected around the well site.

Europa also confirms that the Oil and Gas Authority has extended the Initial Term of Licence for PEDL 143 until 30 September 2020.

The Environment Agency granted a mining waste permit number EPR/YP3735YK on 23 July 2018.  The permit authorises the management of extractive wastes not involving a waste facility to allow the drilling and testing of a single well for the purposes of onshore oil and gas exploration. The Environment Agency has also granted a radioactive substances regulation permit and an oil storage permit (both Standard Rules)

Europa is the operator of PEDL 143, in which it holds a 20% interest, alongside UK Oil & Gas Investments plc 40%, Egdon Resources plc 18.4%, Angus Energy plc 12.5%, Union Jack Oil plc 7.5% and Altwood Petroleum 1.6%. Following farm-outs to Union Jack Oil and Angus Energy, Europa is fully carried on its remaining 20% share of the exploration well costs up to a cap of £3.2 million."

 

For further information please contact the following:

Union Jack Oil plc 

+44 (0)7787 160 682

David Bramhill




SP Angel Corporate Finance LLP                    

+44 (0)20 3470 0470

Nominated Adviser


Lindsay Mair


Richard Hail


 


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