FinancialFox: Union Jack #UJO Wressle oil drilling plans approved

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Company News: London-listed Union Jack Oil (LON: UJO)

UJO Business development advisor, Zac Phillips comments on the recent consent for the proposed development of the Wressle onshore oilfield Wressle, near Scunthorpe: a great milestone for UJO as it would provide material cash flow, converting the junior E&P into a revenue-generating company from oil production.

Wressle is a conventional oil discovery in North Lincolnshire with estimated reserves of about two million barrels of recoverable oil. It was discovered in 2014 by the Wressle-1 well. During testing, a total of 710 barrels of oil equivalent per day were recovered from three separate reservoirs, the Ashover Grit, the Wingfield Flags and the Penistone Flags.

The Wressle operation will enhance job prospects in the local community, increase economic activity and improve the UK’s energy security at a national level.

Union Jack holds 27.5% interest in licences PEDL180 and PEDL182, while operator Egdon Resources Plc (LON:EDR) and Europa Oil & Gas Holdings PLC (LON:EOG) hold 30% each and Humber Oil & Gas Limited 12.5%.

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