UK Oil & Gas PLC - London-based exploration and production company focused on UK and Turkey - North Sea Transition Authority grants one-year extension for work programme at PEDL137 licence, which contains the producing Horse Hill oil field. The extension allows UKOG to drill a second well at Horse Hill's Kimmeridge oil pool, with work scheduled to begin before September 2023. 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.
Current UKOG stock price: 0.13 pence, up 3.3% on Friday
12-month change: down 46%
By Tom Waite; thomaslwaite@alliancenews.com
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Uk Oil & Gas (UKOG)
Alba Mineral Resources (ALBA)