REG - Union Jack Oil PLC - Positive Biscathorpe Appeal Decision

Union Jack OilAnnouncement

06/11/2023 07:00

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RNS Number : 4130S  Union Jack Oil PLC  06 November 2023

6 November 2023

Union Jack Oil plc

("Union Jack" or the "Company")

Positive Biscathorpe Appeal Decision

 

Union Jack Oil plc (AIM: UJO), a UK focused onshore hydrocarbon production,
development and exploration company is pleased to announce that the Planning
Inspectorate has upheld the appeal against the refusal of planning permission
by Lincolnshire County Council for a side-track drilling operation, associated
testing and long-term oil production at the Biscathorpe-2 wellsite.
 

 

The Biscathorpe project is covered by onshore UK licence PEDL253.  The
PEDL253 Joint Venture partnership will review the decision notice and
associated planning conditions in detail before providing an update on plans
for progressing operations.  As part of this, the Operator, Egdon Resources
Limited, will look to engage with the local community to ensure activities
have minimal impact on local amenity.

 

Union Jack holds a 45% economic interest in PEDL253.

 

David Bramhill, Executive Chairman of Union Jack commented: "I am delighted to
report this highly positive news in respect of Biscathorpe, one of our highest
ranked projects, in which Union Jack holds a material 45% economic interest.

"While drilling the Biscathorpe-2 well, there were hydrocarbon shows, elevated
gas readings and sample fluorescence observed over the entire interval from
the top of the Dinantian to the Total Depth of the well, with 68 metres being
interpreted as oil-bearing.

"Independent Consultants Applied Petroleum Technology also conducted analyses,
confirming a hydrocarbon column of 33-34 API gravity oil, comparable with the
oil produced at the nearby Keddington oilfield where Union Jack holds a 55%
economic interest.

"Re-processing of 264 square kilometres of 3D seismic, indicate a material and
potentially commercially viable hydrocarbon resource remaining to be
appraised.

"The Operator has assessed, in accordance with the PRMS Standard, gross Mean
Prospective Resources of approximately 6.5 million barrels of oil.
Commercial screening has indicated break-even full cycle economics to be
US$18.07per barrel of oil.

"Union Jack`s technical team believe that Biscathorpe remains one of the
largest unappraised conventional onshore discoveries within the UK.  I thank
shareholders for their patience and remain confident that both investors and
the Company will be well rewarded in due course."

 

 

For further information, please contact:

 

 Union Jack Oil plc                    info@unionjackoil.com

 David Bramhill

 SP Angel Corporate Finance LLP        +44 (0)20 3470 0470

 Nominated Adviser and Joint Broker

 Matthew Johnson

 Richard Hail

 Kasia Brzozowska

 Shore Capital Stockbrokers Limited    +44 (0)20 7408 4090

 Joint Broker

 Toby Gibbs

 Iain Sexton

 

 

 

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