Union Jack Oil submits planning appeal at the Biscathorpe site
(UJO ) said Egdon Resources U.K. Limited, which owns and operates the PEDL253 licence, has submitted an appeal against the refusal of planning permission by Lincolnshire County Council (“LLC”) for a side-track drilling operation at the Biscathorpe site.
The PEDL253 licence is situated within the proven hydrocarbon fairway of the South Humber Basin and is on-trend with the Keddington oilfield, in which Union Jack, an onshore hydrocarbon production company holds an 55% interest, and the Saltfleetby gas field.
In a meeting held back in November 2021 with the Lincolnshire County Council Planning Committee, a planning application for a side-track drilling operation, associated testing and long-term oil production at the Biscathorpe site (PEDL253) was refused, the firm explained.
The planning application, which was submitted by Egdon Resources U.K. Limited, had been originally recommended for approval by Lincolnshire County Council’s planning officers.
At the time of the verdict, Union Jack Oil, which holds a 45% economic interest in the PEDL253 licence, informed investors that the Joint Venture would await the formal decision notice before taking advice and considering its options, including an application appeal.
Today, the company has confirmed that it will be seeking an appeal. It said the decision has been made after reviewing LLC’s Decision Notice, received on 6 December 2021, taking advice from planning and legal advisers and agreement from the Joint Venture partners.
The appeal documentation is now in preparation and is expected to be submitted in Q122.
Last week, Union Jack said the results of an analysis of the bottom hole pressure data acquired from the Wressle-1 well last month had demonstrated its material potential.
The interpretation was completed by ERCE, an independent energy consultancy, on behalf of the Wressle JV partners. Union Jack holds a 40% economic interest in the development.
The results also demonstrated that production rates could be achieved once the surface facilities are optimised and a gas monetisation scheme is in place at the Wressle-1 well.
Earlier this month, the company reported landmark net revenues of US$2 million from the Wressle hydrocarbon development in which the company holds a 40% economic interest.
Commenting, Executive Chairman of Union Jack Oil, David Bramhill, highlighted to investors that the group revenues of in-excess of US$2m, whilst under test production, were “highly positive” for Union Jack which remains “in prime financial health, as the figures illustrate.”
“We believe that Wressle holds considerable further upside which will be demonstrated over the foreseeable future and we look forward to reporting on progress in due course,” he said.
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.