Business
Wressle Oil Field New Planning Application Process
Wressle Oil Field New Planning Application Process.
About this update from Union Jack Oil Plc
[{"type":"text","content":"\n \nRNS Number : 1974C Union Jack Oil PLC 18 January 2018 \n\nMarket 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.\n \n18 January 2018\n \nUNION JACK OIL PLC\n(AIM: UJO)\n \nWressle Oil Field New Planning Application Process\n \nFurther to the announcement of 5 January 2018, Union Jack Oil plc (\"Union Jack\" or the \"Company\"), a UK-focused, onshore oil and gas production and exploration company, notes the announcement made this morning by the operator Egdon Resources plc (\"Egdon\") in respect of a forward plan for the Wressle oil field and to initiate a new planning application process following the appeal decisions made by the UK Planning Inspector (\"Inspector\"). The Board of Union Jack is fully supportive of this plan of action.\n \nUnion Jack's Chairman, David Bramhill also takes the opportunity to restate Union Jack's forward strategy on its wider UK onshore portfolio in today's favourable oil price environment.\n \nDavid Bramhill, Executive Chairman of Union Jack, said: \"We share the frustration of our shareholders given the UK planning obstacles we have encountered at Wressle, so we fully endorse the decisions of the Wressle joint venture partners to pursue all credible avenues to be able to bring this significant conventional oil discovery into production. In addition to the Wressle forward plan, I would like to reassure shareholders that as Union Jack possesses an attractive onshore portfolio of other producing assets and drill-ready exploration and appraisal targets that, in today's oil price environment, the Board has been alert to generating improved shareholder value by refining its forward strategy.\n \nOur strategy remains to create shareholder value by building a successful UK onshore exploration and development company focused on conventional low-cost onshore production, development, and exploration drilling. Union Jack's attractive onshore portfolio contains producing oil fields and drill-ready exploration and appraisal targets which include the assets acquired recently from Cairn Energy being interests in the producing Keddington oil field and the shut-in historic Du...