Sign up
Oil Capital

Union Jack Oil shares jump as planning permission for West Newton-A wellsite extended

The oiler said planning permission had been extended for a further 36 months at a meeting of the East Riding of Yorkshire Council's planning committee
Approval stamp
The West Newton appraisal well is planned to be drilled in the first quarter of 2019

Union Jack Oil PLC (LON:UJO) shares jumped in late-afternoon trading Thursday after it said its planning permission for the West Newton-A wellsite in Yorkshire has been extended.

The oiler said planning permission had been extended for a further 36 months at a meeting of the East Riding of Yorkshire Council's planning committee.

WATCH: West Newton farm-in has 'all the right ingredients' - Union Jack Oil's David Bramhill

The firm formally completed an acquisition of a 16.667% stake in the West Newton gas discovery earlier this month as part of a deal with Rathlin Energy, a subsidiary of Canadian firm Connaught Oil & Gas.

The discovery is located onshore UK in East Yorkshire, within the western part of the Southern Zechstein Basin, and contains an estimated contingent resource of 189bn cubic feet of gas equivalent or 31.5mln barrels of oil equivalent.

The West Newton appraisal well is planned to be drilled in the first quarter of 2019, with planning permission for the conventional well already in place.

Union Jack shares were up 4.2% at 0.11p.

View full UJO profile View Profile
View All

Related Articles

© oil Capital 2019

Oil Capital, a subsidiary of Proactive Investors, acts as the vanguard for listed oil companies to interact with institutional and highly capitalised investors.
Headquartered in London, Oil Capital is led by a team of Europe's leading analysts and journalists, publishing daily content, covering all key movements in the Technology market.