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UK Oil & Gas PLC - London-based exploration and production company focused on UK and Turkey - North Sea Transition Authority grants formal consent for the re-completion of Horse Hill-2z into a water reinjection well.
UK Oil & Gas can now expedite its plans for produced saline formation water reinjection at Horse Hill over the year, which could remove the need for costly transportation and disposal of produced warer at third party sites.
UKOG owns an 86% stake in Horse Hill, and is the operator, with a 12% stake held by Alba Mineral Resources PLC. Horse Hill is an oil project near Gatwick Airport in southern England. In May, UKOG won a full production permit for the field.
UKOG's Current stock price: 0.12 pence
12-month change: down 48%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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