8 May 2015 07:00
8 May 2015
Hague and London Oil PLC
Licence award completion
Hague and London Oil PLC (the "Company") is pleased to announce that the UK Department of Energy and Climate Change has now executed the formal documentation related to Licence P2265 over blocks 98/7b, 98/8a and 98/12 (northern part), the provisional award of which was announced by the Company in November 2014.
The Promote Licence was awarded to Wessex Hydrocarbons Limited (a wholly-owned subsidiary of the Company), which was named as Administrator of the Licence with a 35% working interest. Its partner, NWE Mirrabooka (UK) Pty Limited, a subsidiary of Perth-based, Australian-listed Norwest Energy NL, holds a 65% working interest. The Licence covers the areas to the east of the Wytch Farm oil field in Bournemouth Bay, offshore Southern England and is valid from 1 December 2014 to 30 November 2018.
During the initial two-year period, the partners commit to reprocess the existing 3D seismic data to pre-stack depth migration. At the end of this initial period, the partners will have the option either to commit to drill a well in the remaining two years of the Licence or relinquish it in full.
In accordance with the AIM Rules the information contained in this announcement has been reviewed and signed off by Dr Malcolm Butler PhD, BSc, CGeol, FGS, a non executive director of the Company, who has over 40 years' experience as a petroleum geologist.
For further information please contact:
Hague and London Oil PLC | ||
Andrew Cochran, Chairman and Interim CEO | +44 20 7520 9268 | |
Natalia Erikssen, IR/PR enquiries | ||
Stifel Nicolaus Europe Limited (NOMAD & Broker) | ||
Michael Shaw / Ashton Clanfield | +44 20 7710 7600 | |