18th May 2018 10:43
LONDON (Alliance News) - Union Jack Oil PLC said Friday it is "delighted" by the UK government's "support and commitment" to the shale gas development industry.
A statement on Thursday made by the Secretary of State for Business, Energy & Industrial Strategy Greg Clark and the Secretary of State for Housing, Communities & Local Government James Brokenshire outlined the government's position on accelerating the development of shale gas in England.
According to Union Jack Oil, the statement said shale gas development is of "national importance".
The British onshore hydrocarbon production company said it was "delighted" the government "wholeheartedly supports" the exploration and development of shale gas.
Executive Chairman David Bramhill said: "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.
"Union Jack and its peers welcome this progressive change in attitude by key ministers. 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."
Shares in Union Jack Oil were up 4.9% Friday to 0.12 pence each.
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