(Sharecast News) - UK Oil & Gas announced on Friday that the North Sea Transition Authority, formerly the Oil and Gas Authority, has granted a one-year extension to the agreed retention area work programme on the Horse Hill oil field.
The AIM-traded firm said the extension was for the PEDL137 licence, of which it has a 85.635% holding, containing the producing Horse Hill field and its underlying Kimmeridge oil pool.
"The extension grants an additional year in which to drill a second Horse Hill Kimmeridge well, with the commencement of drilling to be prior to 30 September 2023," the board said in its statement.
At 1524 BST, shares in UK Oil & Gas were up 0.54% at 0.12p.
Reporting by Josh White at Sharecast.com.
Uk Oil & Gas (UKOG)