Union Jack falls on announcement from partner Egdon Resources

Union Jack Oil dropped into the red on Thursday after its partner Egdon Resources said there would be delays in the timing of the testing programme for the Wressle-1 well located in licence PEDL180, in Lincolnshire.

Egdon has been told to meet additional requirements as part of the permit issued to it by the Environment Agency (EA) on 1 December 2014.

"The permit includes additional monitoring requirements to those originally envisaged under Egdon's own risk assessment process and a requirement for a notice period of four weeks for the EA to approve the proposed monitoring methodology to meet these additional requirements," Egdon said.

"We will submit the revised method statement this week and as such we now expect to begin mobilisation to the Wressle-1 site during the week beginning 5 January 2015 with testing operations to start shortly thereafter."