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Union Jack Oil PLC (UJO)

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Tuesday 04 September, 2018

Union Jack Oil PLC

Holmwood Update

RNS Number : 6380Z
Union Jack Oil PLC
04 September 2018
 

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

 

4 September 2018

 

Union Jack Oil plc

("Union Jack" or the "Company")

Holmwood Update

 

Union Jack Oil plc (AIM: UJO), a UK-focused onshore hydrocarbon production, development and exploration company notes the announcement released this morning by Europa Oil & Gas (Holdings) plc ("Europa"), in respect of PEDL143, where Union Jack holds a 7.5% interest. Europa included the following statements:

"Europa Oil & Gas (Holdings) plc, the UK and Ireland focused oil and gas exploration, development and production company, announces that it has been notified by the Head of Estates at the Forestry Commission that the Minister for the Environment, Food and Rural Affairs, has decided not to renew the lease at Bury Hill Wood, Coldharbour Lane, Surrey.  Bury Hill Wood is the proposed site for a temporary exploration well to test the conventional Holmwood prospect on licence PEDL 143 in the Weald Basin, Surrey. The lease expires 12th September 2018.

Following the Minister's decision, the Company, on behalf of its partners, will be withdrawing its planning application to drill the Holmwood prospect from the Bury Hill Wood site.

The PEDL 143 licence remains valid and the Company, with its partners, intends to undertake a full evaluation of alternative sites from which to target the Holmwood prospect, and other plays in the basin.  Europa Oil & Gas Limited is operator of PEDL 143 with a 20% interest..."

David Bramhill, Executive Chairman of Union Jack, commented:

"The potential consequences of the Minister's decision are minimal for Union Jack as it holds a balanced portfolio of ten attractive onshore licence interests in the UK, including producing assets at Keddington and Fiskerton, a development project at Wressle and a planned well at Biscathorpe to be drilled during October/November 2018."

 

For further information please contact the following:

Union Jack Oil plc 

+44 (0)7787 160 682

David Bramhill




SP Angel Corporate Finance LLP                    

+44 (0)20 3470 0470

Nominated Adviser


Lindsay Mair


Richard Hail


 


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