# Union Jack Oil PLC Fully funded and very much business as usual

- Link: https://www.directorstalkinterviews.com/union-jack-oil-plc-fully-funded-much-business-usual/412723267
- Published: 2017-02-07T07:05:47+00:00
- Author: Giles Arbor

**[Union Jack Oil](https://www.directorstalkinterviews.com/company/union-jack-oil-plc/ujo.l)
plc** ([LON:UJO](https://www.directorstalkinterviews.com/company/union-jack-oil-plc/ujo.l)),
an onshore oil and gas production and exploration company with a focus on production,
exploration, development and investment in the United Kingdom hydrocarbon sector
provided today the following update on plans to progress the consenting for the 
development of the Wressle oil field located within PEDL180 and PEDL182 following
the recent decision of North Lincolnshire Council’s Planning Committee to refuse
planning permission for hydrocarbon production.

The Company currently holds an 11.67 per cent. interest in both licences.

The operator, [Egdon](https://www.directorstalkinterviews.com/company/egdon-resources-plc/edr.l)
Resources plc (“Egdon”) having consulted with the Joint Venture partners (“the JV”)
and having taken further detailed advice have informed the JV that they will submit
a formal appeal against the refusal of planning consent at the earliest opportunity.

In addition, Egdon have also stated that they will in parallel submit a new planning
application for the Wressle development which will include even more detailed information
to address the specific concerns outlined by the North Lincolnshire Council in their
refusal.

Egdon will look to progress both the new application and the appeal through the 
planning system as quickly as possible. The Board of Union Jack believe that this
dual track approach will provide the best opportunity for a successful outcome with
the minimum delay.

> **David Bramhill, Executive Chairman of Union Jack Oil plc, commented:** “The 
> Joint Venture is supportive of the dual approach taken by Egdon to resolve this
> situation with the minimum of delay.
> For Union Jack, it is very much business as usual and plans for the preparation
> of drilling of Biscathorpe-2 and Holmwood-1 conventional wells continue in respect
> of what the Company considers to be two excellent prospects, both with significant
> volumetric potential if successful and moderate geological risk.
> Union Jack has a current cash balance in excess of £1,800,000 and receives a modicum
> of cash flow from its 10% interest in the Keddington oil field. The Company is
> fully funded for its current drill programme”

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