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(Correcting that UK Oil & Gas holds a 95% interest in Arreton, not a 65% interest as previously reported)
(Alliance News) - UK Oil & Gas PLC on Monday said it has filed a planning application to conduct appraisal drilling and flow testing at the onshore Arreton oil discovery on the Isle of Wight.
The application was filed with the Isle of Wight Council and, following a week-long statutory notice period, should go "live" on Friday this week. Included in the application are details of a "planned construction, operation and eventual decommissioning of a well site for the appraisal of hydrocarbons" in a three-year period.
UK Oil & Gas, which has a 95% interest in Arreton, stated that it has "spent considerable time and undertaken much research" on minimising noise and said that site "will be largely screened from public view".
Arreton is "a geological analogue of" UK Oil & Gas's Horse Hill oil field, in which it has an 86% interest. It contains 127 million gross barrels of P50 oil based on third party calculations. UK Oil & Gas said its share of the mid case recoverable contingent resource volumes at Arreton is expected to be 14.9 million barrels.
Chief Executive Stephen Sanderson said: "Whilst [UK Oil & Gas's] primary focus will remain on maintaining continued long-term stable and profitable oil production at Horse Hill, our efforts will also continue with those actions necessary to ensure that both the Arreton oil and Loxley gas appraisal projects move forwards as swiftly as the current UK situation permits."
Shares in UK OIl & Gas were up 5.0% at 0.42 pence in London on Wednesday morning.
By Anna Farley; annafarley@alliancenews.com
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