RE: RBD - will now start to get more expensive!20 Feb 2020 07:39
David Bramhill, Executive Chairman of Union Jack commented:
"All the results to date continue to support our belief that West Newton is a large-scale, conventional, onshore oil and gas development asset.
"We remain on track in our pursuit to obtain final regulatory approval for the recommencement of the EWT at West Newton A-2. Comfort can be gained by the fact that no objections were raised by the HSE during its review. Union Jack expects that the EA determination will require 4 - 6 weeks to facilitate.
"Progress continues to be made in respect of the appraisal programme, particularly, the drilling of the West Newton B-1 well.
"Union Jack has already met its financial commitments in respect of funding the EWT on West Newton
A-2 and, with cash resources in excess of Β£6.5 million, we are more than adequately funded for the drilling and testing of the West Newton B-1 well and the EWT on the B-2 well.