Union Jack Oil PLC Wressle Planning Extension Update (0658O)
January 25 2019 - 1:00AM
UK Regulatory
TIDMUJO
RNS Number : 0658O
Union Jack Oil PLC
25 January 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
25 January 2019
Union Jack Oil plc
("Union Jack" or the "Company")
Extension of Existing Planning Consent at Wressle Approved on
Appeal
Union Jack Oil plc (AIM: UJO), a UK focused onshore on-shore
hydrocarbon production, development and exploration company is
pleased to announce that the operator of the Wressle oil discovery
("Wressle"), located on PEDLs 180/182 (Union Jack 27.5%) has
advised the joint venture that its application to extend the
existing planning consent for the Wressle site by a year was
approved by the Planning Inspector on appeal yesterday.
The original application was refused by North Lincolnshire
Council's ("the Council") Planning Committee on 1 August 2018,
despite having been recommended for approval by their Planning
Officer.
This extension to the existing planning consent to 24 January
2020 should allow the required time for the determination of an
appeal against the refusal on 28 November 2018 by the Council's
Planning Committee of the operator's application for the
development of Wressle.
Wressle-1 was drilled in 2014 and tested in 2015, flowing a
combined 710 barrels of oil equivalent a day from three separate
reservoirs, the Ashover Grit, the Wingfield Flags and Penistone
Flags.
A Competent Person's Report made independent estimates of
Reserves and Contingent and Prospective Resources for Wressle of
2.15 million stock tank barrels of oil classified as discovered
(2P+2C).
David Bramhill, Executive Chairman of Union Jack, commented:
"To echo the thoughts of our joint venture partners in this
potentially company making project, we are very pleased that the
Planning Inspector supported the operator's position in relation to
this appeal.
"Following this positive outcome, we now look forward to the
Planning Inspector considering at a future public enquiry an appeal
against the further refusal by the Council on the 28 November 2018
of the revised development proposals for Wressle. The operator
plans to submit the initial appeal documentation for Wressle in the
coming week.
"We also believe the new proposals for Wressle comprehensively
addressed the reasons highlighted by the Planning Inspector in his
original dismissal of the development 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 +44 (0) 7787 160 682
David Bramhill
SP Angel Corporate Finance LLP +44 (0) 20 3470 0470
Nominated Adviser
Lindsay Mair
Richard Hail
Cassiopeia Services Ltd +44 (0) 7949 690 338
Public Relations
Stefania Barbaglio
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END
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