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(Alliance News) - UK Oil & Gas PLC on Friday announced that the appeal to overturn the legality of Horse Hill's planning consent has been refused by the Court of Appeal in the UK.
Horse Hill is an oil project near Gatwick Airport that is 86%-owned by UK Oil & Gas, a London-based oil and gas company focused on the UK onshore.
The judgment means that the planning consent for Horse Hill oil production was granted lawfully, allowing Horse Hill to remain operational until the end of its commercial field life.
The appeal was made by claimant Sarah Finch, who is representing Weald Action Group. Weald Action is an umbrella organisation for local groups campaigning against all forms of extraction of oil & gas across the Weald, which is an area of South East England, and the Isle of Wight.
UK Oil & Gas Chief Executive Stephen Sanderson said: "I'm delighted that justice has again prevailed for UKOG in this matter. This latest judgment in UKOG's favour comes after more than two years in which Finch et al have sought to stop the company's oil production at Horse Hill. Given that during this time five judges have found against their case, one cannot help but wonder why they have been permitted so many repeated bites at the same legal cherry."
Alba Mineral Resources PLC, which holds a 12% stake in Horse Hill, noted the announcement. Alba is a London-based mineral exploration company with assets in Greenland and the UK.
UK Oil shares soared 31% to 0.15 pence each in London on Friday in London, while Alba shares were down 1.7% to 0.24p each.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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