Last checked at 15 Apr 2020 07:00
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
15 April 2020
Union Jack Oil plc
("Union Jack" or the "Company")
West Newton B Site Update
Union Jack Oil plc (AIM: UJO), a UK focused on-shore hydrocarbon production, development and exploration company, notes that Rathlin Energy (UK) Limited (Rathlin), the Operator of PEDL 183, communicated the following to local residents as part of its participation in the West Newton Community Liaison Group. Union Jack holds a 16.665% interest in this licence, containing the West Newton A-1 discovery well and the recent successful West Newton A-2 conventional appraisal well.
"Rathlin Energy (UK) Limited, in its capacity as Operator of PEDL183 and associated field operations in the West Newton area of East Yorkshire provides the following update. On 2 April 2020, Rathlin posted its response to the COVID-19 situation and indicated its adherence to the most up-to-date government guidance while continuing our exploration efforts at West Newton.
Currently, Rathlin, on behalf of partners is conducting preparatory work at the West Newton B (WNB) site in compliance with landowner and regulatory agreements, and consistent with government guidance on the COVID-19 situation. Initial operations involve the completion of the access track and site along with activities that are pre-operational conditions of our Environment Agency and East Riding of Yorkshire Council (ERYC) permissions.
Rathlin wrote to the ERYC on 17 March 2020 to notify, under Condition 2 of the planning permission, that works at the B site would be commencing. This is in adherence with the WNB planning permission granted in 2015, with a condition that the works should start within 5 years of the planning decision. These activities have been several months in planning and are consistent with operational updates provided previously by Rathlin, indicating that site activities would begin during Q2 2020".
Such activities are consistent with the works envisaged to be carried out at West Newton B site during Q2 2020 announced by the Company on 20 February 2020.
David Bramhill, Executive Chairman commented: "We are very pleased that Rathlin are able to safely progress activities at the West Newton B site, especially in these challenging and unprecedented times.
We anticipate West Newton to be a key driver for shareholder value during 2020 and beyond.
Union Jack will provide further updates as operations move forward in due course."
For further information, please contact:
Union Jack Oil plc +44 (0)78 0154 0358
David Bramhill
SP Angel Corporate Finance LLP +44 (0)20 3470 0470
Nominated Adviser and Broker
Richard Morrison
Richard Hail
Caroline Rowe
Cassiopeia Services Ltd +44 (0)7949 690 338
Public Relations
Stefania Barbaglio