Union Jack Oil plc (LON:UJO), a UK-focused onshore hydrocarbon production, development and exploration company, notes the announcement released today by Edgon Resources plc, confirming that a new comprehensive planning application in respect of the development of the Wressle oil field has been submitted to North Lincolnshire Council.
Commenting, David Bramhill, Executive Chairman of Union Jack, said:
“The operator has today submitted a comprehensive planning application on behalf of the joint venture partners for the development of the Wressle oil field.
Wressle is material to Union Jack and the economic impact of establishing commercial oil production will be transformative for our Company.
Considerable work has been carried out to address all the issues identified previously. As part of our ongoing belief in the development of Wressle, Union Jack reaffirmed its support in June 2018 by acquiring a further 12.5% interest, increasing our interest to 27.5%*.
Union Jack also fully supports the operator’s proposal in respect of a community liaison group and a community fund to ensure the local community are kept fully informed and share in the benefits of the Wressle development.”
