Union Jack Oil becomes Associate Member of UK Onshore Oil and Gas
[source: Union Jack Oil]
(UJO ) has been admitted as an Associate Member of United Kingdom Onshore Oil and Gas, the representative body for the UK onshore oil and gas industry.
In joining the trade body also known as the UKOOG, the UK-focused onshore hydrocarbon production, development and exploration company said it will become part of an organisation that “continues to build a unique presence across the entire supply and service chains.”
As a result, Union Jack says its membership will enhance the company’s ability to talk to government, regulators and the public in an informed, transparent and engaging manner.
In return, the company stated that UKOOG ‘hopes to continue to deliver an industry that can provide employment, energy and economic benefits to both the country and its members.’
The key objectives of UKOOG are to enhance the profile of the whole onshore industry, both on a conventional and unconventional level; to promote better and more open dialogue with key stakeholders; to deliver industry wide initiatives and programmes; as well as to ensure the highest possible standards in safety, environment management and operations, it noted.
Charles McAllister, Director at UK Onshore Oil and Gas commented: ”Following a very successful period for UJO, we look forward to working together to build on this excellent progress and further the development of the UK’s abundant onshore oil and gas resources.”
McAllister said developing the UK’s identified and proven onshore hydrocarbon resources “is of evident geopolitical, environmental and economic benefit to the UK,” and he believes the UK
Government should take all necessary action to facilitate the growth of this industry. In fact, he says the industry has safely produced oil and gas “for over 170 years in the UK.”
“There is a very bright future for the UK onshore oil and gas industry in the transition to a net zero economy and as the trade body for the industry we look forward to spearheading that development with the Union Jack Oil team, alongside our wider membership,” he added.
Commenting on the membership, David Bramhill, Executive Chairman of Union Jack told investors: “Without doubt, the UK onshore arena is beginning to show activity on several fronts, evidenced by a number of new developments progressing, all of which facilitate the growth of an extremely well regulated and important part of the UK energy sector.”
View from Vox
On Monday morning, Union Jack Oil confirmed to investors that the North Sea Transition Authority (“NSTA”) had approved the company’s Wressle Field Development Plan (“FDP”).
The NSTA, formerly the Oil and Gas Authority, also approved the licences entering their production phase, which will continue through to 2039. Bramhill described the approvals as another “significant and important milestone” in the history of the Wressle development.
He explained that the Wressle-1 well is currently amongst the most productive wells in the United
Kingdom, and that to date, it has produced over 170,000 barrels of high-quality oil.
Following the approval, UJO will now install the few remaining permanent production facilities and progress the planning, permitting and implementation of the firm’s gas monetisation plan.
Just last week, Union Jack reported material landmark net revenues of US$6 million from the
Wressle hydrocarbon development since the firm recommenced production in August 2021.
Bramhill, who hailed the achievement as another period of “stellar performance”, said the firm is now on a material growth trajectory which augurs well for its future and its shareholders.
Notably, the Company is also now fully funded for all G&A, OPEX, and contracted or planned
CAPEX costs, including any budgeted drilling activities, for at least the next 12 months. The stock’s value has increased by over 110% since the start of the year, reaching highs of 31.4p.
Follow News & Updates from :
Disclaimer & Declaration of Interest
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.