(Sharecast News) - UK Oil & Gas announced on Monday that, following the Environment Agency's Horse Hill production consent on 4 May, the North Sea Transition Authority - formerly the Oil and Gas Authority - has now granted its formal consent for the recompletion of Horse Hill-2z into a water reinjection well.
The AIM-traded firm holds an 85.635% operated interest in the Horse Hill oil field, and the surrounding PEDL137 licence.
"With both the Environment Agency and NSTA permissions in hand, UKOG can now further expedite its plans for produced saline formation water reinjection at Horse Hill during 2022, which, if implemented, would remove the need for costly transportation and disposal of produced water at distant third-party sites," the company said in its announcement.
At 1158 BST, shares in UK Oil & Gas were down 1.64% at 0.12p.
Reporting by Josh White at Sharecast.com.
Uk Oil & Gas (UKOG)