Union Jack Oil plc (AIM: UJO) told investors that the North Lincolnshire Council has withdrawn its case against the company’s plans for the Wressle development.
The decision was made after a closed meeting held by the North Lincolnshire Council on 17 July 2019. The planning inquiry scheduled for 5 November 2019 is still to go ahead.
David Bramhill, Executive Chairman of Union Jack, said the withdrawal was “a very positive development”
He added that the company “remains focused on presenting the case for the Wressle development to the independent Planning Inspector in November 2019."
In April, the Managing Director of Egdon, the operator of Wressle, said it looked forward to presenting its case for the planning merits “away from the influence of local politics”
The companies believe that they have a strong case, supported by detailed evidence and the conclusions of the Council's own professional planning officer.
Union Jack Oil holds a 27.5% interest in PEDLs 180/182 containing the Wressle oil discovery, which discovered hydrocarbons in 2014.
A Competent Person's Report provided independent estimates of reserves and contingent and prospective oil and gas resources for the Wressle discovery of 2.15 million stock tank barrels of oil.
Under the proposed development plan, Wressle would commence production at an initial gross rate of 500 barrels of oil per day.
Follow News & Updates from Union Jack Oil here: