Last checked at 8 Aug 2022 07:00
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.
8 August 2022
Union Jack Oil plc
("Union Jack" or the "Company")
Submission of North Kelsey Planning Appeal PED241
Union Jack Oil plc (AIM: UJO) a UK focused onshore hydrocarbon production, development and exploration company is pleased to advise that further to the announcement of 14 March 2022, the Operator of PEDL241, Egdon Resources U.K. Limited, has submitted an appeal on behalf of the Joint Venture partnership, against the refusal of an extension of time to the existing planning permission by Lincolnshire County Council for the drilling and testing of a conventional exploration well at the North Kelsey site.
Union Jack holds a 50% economic interest in PEDL241.
The appeal documentation has been submitted to the Planning Inspectorate ("PINS") and the appeal will now be validated by PINS before an inspector is appointed and a timetable defined. The expectation is that the appeal will be decided under the Written Representation Procedure, a process where PINS will consider written evidence from the appellant, the local planning authority and any other interested parties.
North Kelsey Prospect
North Kelsey is a conventional oil exploration prospect on trend with, and analogous to, the Wressle development which lies approximately 15 kilometres to the northwest. The prospect has been mapped from 3-D seismic data and has the potential for oil in four stacked Upper Carboniferous reservoir targets.
The Operator estimates that gross Prospective Resources range from 4.66 to 8.47 million barrels of oil ("mmbo"), with a Mean Resource of 6.47 mmbo.
Competent Person's Statement
In accordance with the "AIM Rules - Note for Mining and Oil and Gas Companies," the technical information contained within this announcement has been reviewed by and signed off by Graham Bull, non-executive director, who has over 46 years of international oil and gas industry experience. Graham Bull is a member of the Petroleum Exploration Society of Great Britain, the American Association of Petroleum Geologists and a Fellow of the Geological Society of London.
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
Iain Sexton