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UK Oil & Gas PLC - London-based exploration and production company focused on UK and Turkey - West Sussex County Council approves 2-year planning permission extension to the Broadford Bridge-1z Kimmeridge oil discovery, which is in its 100%-owned PEDL234 licence.
The extension runs until the end of March 2024.
"The additional 2 years will permit any learnings from possible future Kimmeridge drilling at both the company's nearby Loxley conventional gas and Horse Hill oil fields to be factored into the company's future Broadford Bridge plans," company says.
UKOG currently waiting on planning consent for the Loxley gas project in Surrey.
Current stock price: 0.13 pence, up 5.1% on Friday
12-month change: down 40%
By Paul McGowan; paulmcgowan@alliancenews.com
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