Last checked at 9 Jul 2020 07:00
UK Oil & Gas PLC
("UKOG" or the "Company")
Broadford Bridge Kimmeridge oil discovery granted 24-month Planning Extension
UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that West Sussex County Council's ("WSCC's") Planning Committee have approved, by a significant 10-1 majority vote, a 2 year planning permission extension to its Broadford Bridge-1/1z ("BB-1") Kimmeridge oil discovery, located in licence PEDL234 (UKOG 100%). The planning extension, which was recommended by WSCC's planning officer, will expire on 31 March 2022.
In order to confirm the decision to further sidetrack and test BB-1, UKOG will use the extension period to evaluate future Kimmeridge well and test results, which are planned by both the Company and other operators before March 2022.
Stephen Sanderson, UKOG's Chief Executive, commented:
"The Kimmeridge play, where UKOG holds industry leading knowledge and an unrivalled acreage position within the sweet spot, remains of primary Company interest. This extension will enable us to incorporate key future well and test information into our understanding of this new play before any further appraisal of our BB-1 Kimmeridge discovery."
Qualified Person's Statement
Matt Cartwright, UKOG's Commercial Director, who has 37 years of relevant experience in the global oil industry, has approved the information contained in this announcement. Mr Cartwright is a Chartered Engineer and member of the Society of Petroleum Engineers.
For further information please contact:
UK Oil & Gas PLC |
|
Stephen Sanderson / Kiran Morzaria
| Tel: 01483 941493 |
WH Ireland Ltd (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 (Joint Broker) |
|
John Belliss
| Tel: 020 7399 9400 |
Communications |
|
Brian Alexander | Tel: 01483 941493 |
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 temporarily shut in |
Broadford Bridge/Loxley 2, 3, 8 | PEDL234 | 100% | UKOG (234) Ltd 4 | UKOG (234) Ltd 4 | 300.0 | BB-1/1z oil discovery, Loxley-1 gas appraisal well |
A24 3 | PEDL143 | 67.5% | UKOG | UKOG 7 | 91.8 | Finalising new site selection to drill Portland and Kimmeridge prospects |
Horndean 1 | PL211 | 10% | UKOG (GB) Limited | IGas Energy Plc | 27.3 | Field in stable production |
Horse Hill ¹ ⁵ | PEDL137 | 85.635% | Horse Hill Developments Ltd ⁶ | Horse Hill Developments Ltd ⁶ | 99.3 | Field in stable production |
Horse Hill ¹ ⁵ | PEDL246 | 85.635% | Horse Hill Developments Ltd ⁶ | Horse Hill Developments Ltd ⁶ | 43.6 | Field in stable production |
Isle of Wight (Onshore) 2, 3 | PEDL331 | 95% | UKOG | UKOG | 200.0 | Planning Application submitted for Arreton oil appraisal well, Godshill exploration application pending |
Notes:
1. Oil field currently in stable production.
2. Oil discovery pending development and/or appraisal drilling.
3. Exploration asset with drillable prospects and leads.
4. Contains the significant undeveloped Loxley Portland gas discovery (delineated by Godley Bridge-1 and Alfold-1 discoveries), the Broadford Bridge-1/1z Kimmeridge oil discovery, plus further undrilled Kimmeridge and Portland exploration prospects.
5. Portland and Kimmeridge oil field in stable oil production
6. UKOG has a direct 77.9% interest in HHDL, which has a 65% interest in PEDL137 and PEDL246.
7. OGA consent received for the transfer of operatorship from Europa to UKOG
8. Significant Portland gas discovery pending appraisal drilling with significant underlying Kimmeridge potential
The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014