Last checked at 20 Aug 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
20 August 2020
Union Jack Oil plc
("Union Jack" or the "Company")
West Newton Update
Request for Screening Options
Union Jack Oil plc (AIM: UJO), a UK focused onshore hydrocarbon production, development and exploration company, notes that Rathlin Energy (UK) Limited, the Operator of PEDL183, will shortly be communicating the following update to local residents and the West Newton Community Liaison Group.
Union Jack holds a 16.665% interest in PEDL183, containing the conventional West Newton A-1 discovery well and the successful West Newton A-2 appraisal well.
"Beverley-based onshore energy operator Rathlin Energy (UK) Limited has submitted Screening Requests to East Riding of Yorkshire Council for two new potential hydrocarbon wellsites, West Newton C and West Newton D. This is the first step of the planning process to further explore and appraise the West Newton hydrocarbon field and will determine whether planning application submissions for West Newton C and West Newton D will require environmental impact assessments. The Screening Opinions will be available following the consideration of the East Riding of Yorkshire Council planning department, which is currently in progress.
Further exploration and appraisal of the West Newton Field will continue to progress the company's understanding of the West Newton hydrocarbon prospect. The Humber region is the UK's largest energy hub, contributing £18bn towards the UK economy along with 27% of the UK's oil refinery capacity. The West Newton prospect borders a thriving cluster of world-scale chemical and energy operations located at Saltend, and elsewhere within the Humber estuary. The cluster currently relies upon significant oil and natural gas imports from overseas. These foreign imports come at a higher cost to the UK and with an increased carbon footprint.
The Zero Carbon Humber energy and chemicals cluster has been identified by the UK government as a funding recipient to develop the world's first carbon neutral (net zero) industrial cluster by 2040. Hydrocarbons are used as raw materials to make a range of products including fertiliser for agriculture, PPE for hospitals, detergents for homes, paints, mouldable plastics, mobile phones, laptops, surfaces for roads as well as used to heat homes and businesses.
Rathlin Energy (UK) Limited believes the West Newton Field has the potential to provide local feedstock to a Humber net zero project replacing the need for imported hydrocarbons while at the same time developing indigenous energy sources, contributing to the economic welfare of the Humber region and enhancing local job prospects.
Rathlin Energy (UK) Limited will be undertaking public consultation on the proposed Field Development over the coming months and ahead of the submission of any formal planning applications."
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