Union Jack Oil announced this morning it is to lend £1m to Egdon Resources, the operator of the Wressle oil site in north Lincolnshire.
Long-term oil production at Wressle got planning permission in January 2020, after two public inquiries and multiple planning hearings at North Lincolnshire Council. Work to stimulate oil production at the site is now expected early next year.
In a statement to investors, Union Jack said the 18-month loan would “assist in the development of the Wressle oil field”. It will be secured against a 25% stake in the two Wressle licences, PEDL180 and PEDL182, as well as the Wressle project and infrastructure.
