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Union Jack Oil

Union Jack Oil plc West Newton-A Wellsite Planning Update

Union Jack Oil plc (LON: UJO), a UK Focused onshore hydrocarbon production, development and exploration company  today announced that the application to extend the existing planning permission for a further period of 36 months at the West Newton-A wellsite was approved at today`s meeting of the East Riding of Yorkshire Council’s Planning Committee.

Union Jack and its Commercial Partner, Humber Oil & Gas Limited each entered into a Farm-in Agreement on 5 November 2018 (subject to Oil and Gas Authority approval) with Rathlin Energy (UK) Limited, a wholly owned subsidiary of Canadian registered Connaught Oil & Gas Ltd, to acquire a 16.665% licence interest each in PEDL183.

PEDL183 is located onshore UK in East Yorkshire and within the Western sector of the Southern Zechstein Basin and contains the significant West Newton A-1 gas discovery (Best Estimate Contingent Resource 189 Bcfe or 31.5 MMboe gross).

The drill ready West Newton appraisal well is planned to be drilled during Q1 2019. Planning permission for this conventional well is already in place.

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.