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Union Jack Oil Plc

Union Jack Oil pleased the government have backed the UK’s onshore shale gas resources for exploration

David Bramhill, Executive Chairman of Union Jack commented: “We are delighted by the joint statement released today by Greg Clark and James Brokenshire that wholeheartedly supports the safe and sustainable exploration and development of the UK’s onshore shale gas resources.

The statement not only highlights the importance of securing stable domestic gas supplies while minimising harmful environmental impacts but also the substantial economic benefits that the development of onshore gas production can bring to local communities and the UK as a whole.

Union Jack and its peers welcome this progressive change in attitude by key ministers.  Being at the forefront of the UK onshore hydrocarbon industry, Union Jack is well positioned to benefit from this revised strategy and look forward to the exciting opportunities that await all of our stakeholders.  The future remains very bright.”

Union Jack Oil plc (AIM: UJO), a UK-focused onshore hydrocarbon production, development and exploration company welcomes the Government’s support and commitment to our industry as laid out in the Written Ministerial Statement (“WMS”) from the Department of Business, Energy and Industrial Strategy and the Department for Housing, Communities and Local Government today.

 

The statement itself constitutes a material consideration in planning decisions and reiterates that shale gas development is of national importance.  The government will publish revised planning practice guidance on shale development in the Summer alongside the launch of a consultation that will consider allowing exploration wells to be drilled under permitted development (i.e. without the requirement of a planning application) and consult on the inclusion of shale production projects into the Nationally Significant Infrastructure Projects regime.

 

The full text of the WMS can be found at www.parliament.uk/business/publications/written-questions-answers-statements/written-statement/Commons/2018-05-17/HCWS690.

 

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