Union Jack Oil PLC Holmwood Update (6380Z)
September 04 2018 - 1:00AM
UK Regulatory
TIDMUJO
RNS Number : 6380Z
Union Jack Oil PLC
04 September 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
4 September 2018
Union Jack Oil plc
("Union Jack" or the "Company")
Holmwood 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
oil and gas exploration, development and production company,
announces that it has been notified by the Head of Estates at the
Forestry Commission that the Minister for the Environment, Food and
Rural Affairs, has decided not to renew the lease at Bury Hill
Wood, Coldharbour Lane, Surrey. Bury Hill Wood is the proposed site
for a temporary exploration well to test the conventional Holmwood
prospect on licence PEDL 143 in the Weald Basin, Surrey. The lease
expires 12th September 2018.
Following the Minister's decision, the Company, on behalf of its
partners, will be withdrawing its planning application to drill the
Holmwood prospect from the Bury Hill Wood site.
The PEDL 143 licence remains valid and the Company, with its
partners, intends to undertake a full evaluation of alternative
sites from which to target the Holmwood prospect, and other plays
in the basin. Europa Oil & Gas Limited is operator of PEDL 143
with a 20% interest..."
David Bramhill, Executive Chairman of Union Jack, commented:
"The potential consequences of the Minister's decision are
minimal for Union Jack as it holds a balanced portfolio of ten
attractive onshore licence interests in the UK, including producing
assets at Keddington and Fiskerton, a development project at
Wressle and a planned well at Biscathorpe to be drilled during
October/November 2018."
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
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCSSAFWDFASESU
(END) Dow Jones Newswires
September 04, 2018 02:00 ET (06:00 GMT)
Union Jack Oil (LSE:UJO)
Historical Stock Chart
From Apr 2024 to May 2024
Union Jack Oil (LSE:UJO)
Historical Stock Chart
From May 2023 to May 2024