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Environment Agency Grants Permit - Loxley Portland

Fri, 26th Jun 2020 14:55

RNS Number : 2680R
UK Oil & Gas PLC
26 June 2020
 

UK Oil & Gas PLC

("UKOG" or the "Company")

 

Environment Agency Grants Permit for Loxley Portland Gas Appraisal Project

 

UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that the Environment Agency ("EA") has issued UKOG with the necessary permit to drill and test the proposed Loxley-1 Portland gas appraisal well. The permit covers all environmental aspects of the proposed scheme of works including a Loxley-1z sidetrack well.

 

Planning consent for the Loxley-1 well, the next key regulatory permission required to progress the Loxley project, is scheduled to be decided by Surrey County Council on Monday 29th June.

 

About Loxley

 

The Loxley-1 project, located within licence PEDL234 (UKOG 100%), plans to appraise the significant Portland gas accumulation originally discovered and flow tested 8 km to the west by Conoco's 1982 Godley Bridge-1 well.

 

Stephen Sanderson, UKOG's Chief Executive, commented:

 

"The grant of this key permit demonstrates that UKOG's proposed scheme of works and practices meets the EA's stringent environmental safeguarding standards."

 

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/Godley Bridge 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 planning application to be decided on 29 June

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 and Godshill exploration well

               

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 Broadford Bridge-1/1z Kimmeridge oil discovery, the eastern extension of the Godley Bridge Portland gas discovery, plus further undrilled Kimmeridge exploration prospects.

5.  Portland and Kimmeridge oil field with productive and commercially viable zones, HH-1 in stable oil production, HH-2z EWT ongoing, production planning consent granted in September 2019, long term Production consent granted March 2020.

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.  Gas discovery pending appraisal drilling and development with 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


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
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