AIM-listed Union Jack Oil, a UK focused hydrocarbon production, development and exploration company, has announced that the East Riding Planning Committee has approved the planning application for drilling and production at the West Newton A site and have separately approved a time extension to allow further exploratory drilling at the West Newton B site.
In September 2021, the Oil and Gas Authority’s domestic oil and gas production supply forecast were seen to fall below the Climate Change Committee projections for domestic oil and gas demand based on its Balanced Net Zero Pathway to 2050.
The current crisis has made even more clear the significant domestic oil and gas supply gap that will need to be filled either by further imports or new domestic production.
Union Jack Oil plc (LON:UJO) is an onshore oil and gas exploration company with a focus on drilling, development and investment opportunities in the United Kingdom hydrocarbon sector.
