Last checked at 11 Sep 2018 16:24
UK Oil & Gas PLC
("UKOG" or the "Company")
Regulatory Update: 18-month Planning Extension Approved,
Broadford Bridge-1 and 1z Kimmeridge Oil Discovery, Licence PEDL234, Weald Basin, UK
UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that West Sussex County Council's Planning Committee have approved, by a significant majority vote, an 18-month extension to the existing planning permission covering its 100% owned and operated BB-1 and 1z Kimmeridge oil discovery, located in licence PEDL234. The planning extension, which will expire in March 2020, will provide the Company with the necessary time to complete its plans to re-enter the BB-1 well to drill and flow test a new Kimmeridge sidetrack, BB-1y.
Drilling of the BB-1y sidetrack well is planned to directly follow the drilling of the new 2019 Kimmeridge exploratory and overlying Portland gas appraisal well in the basin-centre area of PEDL234, a planning application for which is expected to be submitted this Autumn. The drilling of the sidetrack and new PEDL234 well are subject to the grant of necessary regulatory consents.
Qualified Person's Statement
Rob Wallace, UKOG's principal technical advisor, who has over 40 years of relevant experience in the oil industry, has approved the information contained in this announcement. Mr Wallace is a Chartered Scientist, Chartered Geologist and Fellow of the Geological Society of London, an active member of the American Association of Petroleum Geologists, a member of the Petroleum Exploration Society of Great Britain and a member of the South African Geophysical Society.
For further information, please contact:
UK Oil & Gas PLC
Stephen Sanderson / Kiran Morzaria Tel: 01483 243450
WH Ireland (Nominated Adviser and Broker)
James Joyce / James Sinclair-Ford Tel: 020 7220 1666
Cenkos Securities PLC (Joint Broker)
Joe Nally / Neil McDonald Tel: 020 7397 8919
Novum Securities
John Bellis Tel: 020 7399 9400
(Joint Broker) Public Relations
Brian Alexander / David Bick Tel: 01483 243450
UKOG Licence Interests
The Company has interests in the following UK licences:
Asset | Licence | UKOG Interest | Licence Holder | Operator | Area (km2) | Status |
Avington 1 | PEDL070 | 5% | UKOG (GB) Limited | IGas Energy Plc | 18.3 | Field currently shut in |
Broadford Bridge 3 | PEDL234 | 100% | UKOG (234) Ltd 4 | UKOG (234) Ltd 4 | 300.0 | BB-1 & 1z oil discovery, Planning extension granted, new planning application for further exploratory well planned in Autumn |
Holmwood 3 | PEDL143 | 40% | UKOG | Europa Oil & Gas (Holdings) plc | 91.8 | Seeking alternate sites to drill Holmwood and other Portland & Kimmeridge prospects |
Horndean 1 | PL211 | 10% | UKOG (GB) Limited | IGas Energy Plc | 27.3 | Field in stable production |
Horse Hill 5 | PEDL137 | 46.735% | Horse Hill Developments Ltd ⁶ | Horse Hill Developments Ltd ⁶ | 99.3 | Portland EWT completed successfully, KL3 & KL4 EWT to commence, 2 further appraisal wells scheduled for Q4 2018/Q1 2019 |
Horse Hill 5 | PEDL246 | 46.735% | Horse Hill Developments Ltd⁶ | Horse Hill Developments Ltd ⁶ | 43.6 | As above |
Isle of Wight (Onshore) 2, 3 | PEDL331 | 65% | UKOG | UKOG | 200.0 | Preparing planning submission for Arreton-3 Portland oil appraisal well & Arreton S. look-alike exploration well |
Markwells Wood 2 | PEDL126 | 100% | UKOG (GB) Limited | UKOG (GB) Limited | 11.2 | Revised Kimmeridge test planning application underway |
Notes:
1. Oil field currently in production.
2. Oil discovery pending development and/or appraisal drilling.
3. Exploration asset with drillable prospects and leads. PEDL234 contains the Broadford Bridge-1 and 1z oil discovery well, the extension of the Godley Bridge Portland gas discovery plus further exploration prospects.
4. UKOG has a 100% interest in UKOG (234) Ltd, which has a 100% interest in PEDL234.
5. Oil discovery in 3 zones, EWT ongoing, two further wells HH-1z and HH-2 planned end 2018/early 2019
6. UKOG has a direct 71.9% interest in HHDL, which has a 65% interest in PEDL137 and PEDL246.
The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.