Business
OGA approval for Further Wressle Acquisition
OGA approval for Further Wressle Acquisition.
About this update from Union Jack Oil Plc
[{"type":"text","content":"\n \n \n RNS Number : 8409U\n Union Jack Oil PLC\n 03 August 2020\n \n \n \n \n Market Abuse Regulation (MAR) Disclosure \n \n \n 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\n \n \n 3 August 2020\n \n Union Jack Oil plc\n (\"Union Jack\" or the \"Company\")\n Wressle Development Update\n Oil and Gas Authority Approval for Further PEDL180 PEDL182 Wressle Acquisition\n \n Union Jack Oil plc (AIM: UJO), a UK focused onshore hydrocarbon production, development and exploration company is pleased to announce a positive update on progress on the Wressle oilfield development and the approval by the Oil and Gas Authority (\"OGA\") of Union Jack's acquisition of a further 12.5% of PEDL180 and PEDL182 from Humber Oil & Gas Limited (refer to RNS dated 8 June 2020).\n \n Highlights:\n \n · Joint Venture (\"JV\") remains on track for first oil at Wressle during H2 2020\n \n · OGA approval of Union Jack's acquisition of a further 12.5% of PEDL180 and PEDL182 containing the Wressle discovery and will hold a meaningful 40% interest on completion\n \n · Development site civil engineering contractor mobilised\n \n · Key planning conditions now discharged\n \n · Reconfiguration of the discovery site for production operations has commenced\n \n · Groundwater boreholes installed and two rounds of sampling and analysis undertaken for baseline monitoring\n \n · Wressle is economically robust with an estimated project break-even price oil price of USD$17.62 per barrel\n \n · Expected increase in production of 200 barrels of oil per day net to Union Jack on production start-up\n \n Wressle Development Update\n The Operator, Egdon Resources U.K. Limited, has advised the JV that the Wressle civil engineering contractor has mobilised to site and the development works to reconfigure the existing Wressle site for production operations have now commenced. These works include the installation of: a new High Density Polyethelene (\"HDPE\") impermeable membrane; specialist drain system; an approved surface water interceptor; the construction of a purpose-built bund area for storage tanks; a tanker loading plinth; and an internal roadway system.\n The JV remain...