16 September 2024
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.
Union Jack Oil plc
("Union Jack" or the "Company")
Wressle - Receipt of Planning Approval for Further Development
Union Jack Oil plc (AIM: UJO, OTCQB: UJOGF), a UK and USA focused onshore hydrocarbon, production, development, exploration and investment company is pleased to announce that planning consent has been received from North Lincolnshire Council for the further development of the Wressle well site.
The approved works will include extending the existing site to accommodate the drilling of two new wells, construction of gas processing facilities and an underground gas pipeline to connect Wressle to the local gas distribution network.
The Wressle field is located in onshore licences PEDL180 and PEDL182, situated on the western margin of the Humber Basin, North Lincolnshire.
Union Jack holds a 40% interest in the Wressle development.
David Bramhill, Executive Chairman of Union Jack, commented:
"I am delighted that the joint venture partnership has received the planning consent to continue development of Wressle, which will increase oil production and monetise the associated gas from the field, resulting in zero routine flaring at site.
"This positive decision represents to Union Jack a significant domestic production growth opportunity at our robust and reliable flagship Wressle project and for the UK provides economic and environmental benefits compared to imports on which the UK is becoming increasingly reliant.
"I look forward to updating the market further as the Wressle partners progress the field development."
For further information, please contact:
Union Jack Oil plc info@unionjackoil.com
David Bramhill
SP Angel Corporate Finance LLP +44 (0)20 3470 0470
Nominated Adviser and Joint Broker
Matthew Johnson
Richard Hail
Caroline Rowe
Shore Capital +44 (0)20 7408 4090
Joint Broker
Toby Gibbs
Harry Davies-Ball
Gneiss Energy Limited + 44 (0)20 3983 9263
Financial Adviser
Jon Fitzpatrick
Paul Weidman
Harbour Access +1 (475) 477 9402
USA Investor Relations
Jonathan Paterson