Union Jack Oil plc (LON:UJO), the UK focused onshore hydrocarbon production, development and exploration company, has noted today’s announcement by the Prime Minister, Liz Truss of the lifting of the moratorium on hydraulic fracturing in the UK onshore, where there is local support.
The directors of Union Jack welcome today’s announcement as it could have a material and positive benefit when applied to progressing the Company’s ongoing development, appraisal and exploration activities across its various UK onshore licence interests.
The directors highlight that the lifting of the moratorium is expected to positively change both the technical and commercial dynamics in respect of certain of Union Jack’s licence interests going forward.
Union Jack Oil now looks forward to obtaining expanded details on today’s significant decision and a further update will be provided in due course.
