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Union Jack Oil struck by 'frustrating' planning permission delays
Planned developments have hit a snag at Union Jack Oil's partially-owned North Kelsey Prospect after a planning application for a new well was deferred.
The application, made by operator and 80% interest holder Egdon Resources, was deferred at a meeting of the Lincolnshire county council planning committee on Monday with the committee declared no decision will be made until a site visit has taken place.
Union Jack Oil holds the remaining 20% interest in the project through its interest in the PEDL241 licence.
Mark Abbott, managing director of Egdon Resources, said: "Today's deferral is frustrating given the strong case presented and the positive recommendation of Lincolnshire county council's Planning Officer in respect of the application. We will provide an update once we know when Egdon's application will be heard at Lincolnshire county council's planning committee meeting."
The planned exploratory well lies on the proven hydrocarbon fairway of the humberside platform where, based on offset well data, potential exists for up to four separate oil bearing stacked conventional reservoir intervals.
As of 1507 BST, Union Jack's shares were down 8.33% at 0.08p.