Last checked at 20 Oct 2021 07:00
UK Oil & Gas PLC
("UKOG" or the "Company")
Isle of Wight Council vote against Arreton planning application
UK Oil & Gas PLC (London AIM: UKOG) is disappointed by today's decision by the Isle of Wight Council's Planning Committee to refuse consent for the appraisal and testing of the Arreton oil and gas discovery. The Arreton discovery lies within the 200 km² PEDL331 licence in which UKOG holds a 95% operated interest.
Today's decision goes against last week's recommendation by the council's planning officers to approve the project. The Company will now consider its position and whether to lodge an appeal with the Planning Inspectorate.
The Company took considerable care and undertook much research to minimise the potential impacts of the A-3 site, choosing a location 300m distant from the A3056 and adjacent to land with existing non-agricultural commercial uses, namely the Wight Farm Anaerobic Digestion Energy Power Station and the Blackwater Quarry for aggregates. No objections to the development were raised by statutory consultees on environmental, drinking water, landscape or health and safety grounds.
Chief Executive Stephen Sanderson commented:
"This decision underscores UKOG's change of focus over the past year towards the international arena for oil and gas, plus its new direction into geothermal and hydrogen-based energy in the UK. In accordance with the Company's stated growth strategy, plans and evaluations are reasonably advanced in several new projects designed to grow the Company in these new areas."
Qualified Person's Statement
Matt Cartwright, UKOG's Commercial Director, who has 38 years of relevant experience in the global petroleum 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 900582
W H Ireland Ltd (Nominated Adviser and Broker)
James Joyce / Andrew de Andrade Tel: 020 7220 1666
Communications
Brian Alexander Tel: 01483 900582