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Union Jack Oil PLC (LSE:UJO) has received planning permission for the next phase of development at the Wressle field in Lincolnshire. This approval enables the drilling of two additional wells, the construction of gas processing facilities, and the installation of an underground pipeline to connect the site to the local gas distribution networkThe Wressle field is situated within licenses PEDL180 and PEDL182 located on the western edge of the Humber Basin in North LincolnshireThe development will enhance oil production at the site and facilitate the monetization of associated gas, which is expected to eliminate routine flaringDavid Bramhill, Executive Chair of Union Jack Oil expressed satisfaction with the planning consent, highlighting that it represents a significant opportunity for domestic production growth at the Wressle projectThe expansion is anticipated to bring both economic and environmental benefits to the UK, reducing reliance on imported energyUnion Jack Oil holds a 40% interest in the Wressle field, with Egdon Resources and Europa each holding 30%The approval marks a pivotal step in advancing the field’s development and optimizing its production capabilitiesFurther updates on the progress of the development are anticipated as the project moves forward.
Union Jack's Wressle Field Receives Approval to Expand Well Site
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