Last checked at 14 May 2018 13:05
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
14 May 2018
Union Jack Oil plc
("Union Jack" or the "Company")
Biscathorpe and North Kelsey Planning Update
Union Jack Oil plc (AIM: UJO), a UK-focused onshore hydrocarbon production, development and exploration company is pleased to announce that the applications to extend the existing planning permissions to drill conventional, exploratory oil wells at both the Biscathorpe-2 and North Kelsey-1 site locations were approved at today's meeting of the Lincolnshire County Council Planning Committee. The planning permissions have now been extended to December 2020.
David Bramhill, Executive Chairman of Union Jack, commented:
"We are delighted with the Planning Committee's favourable decision to extend the planning permissions at Biscathorpe and North Kelsey.
"Biscathorpe-2 holds considerable upside potential for our Company with gross prospective oil resources of 14 million barrels and a high geological Chance of Success of 40%. We are enthusiastic about commencing drilling operations expected around mid-year 2018 and look forward to updating the market on progress in due course."
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 and Broker | |
Lindsay Mair | |
Richard Hail |