Britain’s government said on Tuesday that exiting the European Union without a deal after a March 2019 deadline will not change the operating environment for oil and gas businesses.
“The established regime for hydrocarbon licensing and environmental issues will continue to operate … UK and EU businesses will not be required to take any action,” it said in a note.
“The government will amend the relevant legislation to ensure broad continuity. The legislative changes will have no impact on energy sector businesses, whose residual obligations under the legislation covered will remain unaltered.”
Union Jack Oil plc (LON:UJO) is an onshore oil and gas exploration company with a focus on drilling, development and investment opportunities in the United Kingdom hydrocarbon sector listed on the London Stock Exchange AIM market.