Union Jack Oil PLC (LON:UJO) executive chairman David Bramhill said he’s delighted with the government’s statement which yesterday gave “wholehearted support” to the UK's onshore shale gas industry.
Bramhill was reacting to a written ministerial statement from the Department of Business, Energy and Industrial Strategy and the Department for Housing, Communities and Local Government.
Only this week, Union Jack increased its stake holdings in an early stage UK shale project, and, it has separately built a portfolio of conventional oil and gas interests onshore UK.
READ: Union Jack Oil acquires UK shale exploration stakes
“Union Jack and its peers welcome this progressive change in attitude by key ministers,” Bramhill said.
“Being at the forefront of the UK onshore hydrocarbon industry, Union Jack is well positioned to benefit from this revised strategy and look forward to the exciting opportunities that await all of our stakeholders.
“The future remains very bright."
He added: “The statement not only highlights the importance of securing stable domestic gas supplies while minimising harmful environmental impacts but also the substantial economic benefits that the development of onshore gas production can bring to local communities and the UK as a whole.”
On Tuesday, Union Jack and its investment partner acquired stakes in two potential UK shale projects, with a minimal upfront investment.
The company and its investment partner Humber Oil & Gas Limited have agreed to each acquire 16.25% in the PEDL201 licence, in the ‘Widmerpool Gulf’, as well as 12.5% stake in the PEDL181 asset in the Humber basin.
Union Jack already held a stake in PEDL201 and its position now increases to 26.25%.
