(Alliance News) - UK Oil & Gas PLC on Tuesday announced two new licence extensions, including the PEDL143 licence in which some other London-listed firms are interested.
PEDL143, which includes the A24 prospect, has been extended by the UK Oil & Gas Authority to the end of September 2022, while the PEDL331 licence, containing the Arreton discovery, now expires on July 20, 2023.
These extensions, UKOG said, will allow it to carry out well appraisal and exploration drilling.
UKOG said Arreton, on the Isle of Wight, is one of its "premier" appraisal stage assets.
Chief Executive Stephen Sanderson said: "These extensions, on key appraisal and exploration assets, will permit UKOG to carry out its stated multi-well drilling campaign within the initial term of both licences.
"The identification of a further large un-drilled Portland structure on trend with the Arreton oil discovery makes the Isle of Wight asset even more attractive than before and fully justifies our increase in ownership of PEDL331."
UKOG owns 68% of PEDL143, on the northern Weald in southern England, with Angus Energy PLC owning 13% and Egdon Resources PLC 18%.
UKOG shares were down 1.2% at 1.08 pence each Tuesday morning, with Egdon up 4.1% at 5.10p and Angus down 1.4% at 1.13p.