RNS Number : 4629S
UK Oil & Gas PLC
09 July 2020
 

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 

Horse Hill Developments Ltd 

99.3

Field in stable production

Horse Hill ¹ ⁵

PEDL246

85.635%

Horse Hill Developments Ltd 

Horse Hill Developments Ltd 

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



 

 


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