UK Oil & Gas Investments PLC Markwells Wood Planning Permission Extension (4501C)

TIDMUKOG

RNS Number : 4501C

UK Oil & Gas Investments PLC

16 October 2015

16 October 2015

UK Oil & Gas Investments PLC

("UKOG" or the "Company")

Markwells Wood Planning Permission Extension, UK Weald Basin

UK Oil & Gas Investments PLC (LSE AIM: UKOG) announces that planning permission for the Markwells Wood-1 well site, in West Sussex, near Rowlands Castle, has been extended until 30 September 2016. The local planning authority for the well site is the South Downs National Park Authority ("SDNPA"). UKOG owns a 100% interest in the Markwells Wood licence (PEDL126).

Future Plans:

Per UKOG's RNS of 14 September 2015, the Company has commenced work on a Markwells Wood Field Development Plan ("FDP"), with a view to submitting the FDP to the Oil and Gas Authority ("OGA") and seeking OGA's approval to move the PEDL126 licence from its current exploration phase into an 18-year production period.

In due course, the Markwells Wood FDP will also form the basis of a new planning application to the SDNPA to seek their consent for Markwells Wood field development. Applications for further regulatory consents from the Environment Agency and Health and Safety Executive will follow.

As part of the FDP, the Company has also commissioned related engineering and environmental studies, which will draw upon some of the findings of UKOG's recent Weald conceptual development studies. These Markwells Wood studies will focus on how the Markwells Wood oil field can be developed, with minimal footprint and local impact.

The Company has also commissioned well completion studies with Nutech Energy Ltd to investigate how flow from the proposed Markwells Wood-1 ("MW-1") sidetrack well could be optimised.

Stephen Sanderson, UKOG's Chairman, commented:

"This is a key step to enable the Company to move forward with its plan to develop this UK onshore oil field to add further oil production to its portfolio.

In order to obtain the necessary regulatory consents to proceed with the development, we will now finalise a FDP and compile and submit a new planning application to SDNPA.

The Markwells Wood field development, if permitted, is planned in a series of phases, commencing with the proposed MW-1 sidetrack development well.

We will utilise the findings of our recently published Weald conceptual development studies to ensure that any production facilities have a low environmental impact and minimal footprint that respects the rural beauty and way of life of the local area."

For further information please contact:

UK Oil & Gas Investments PLC

Stephen Sanderson / Jason Berry Tel: [phone]

WH Ireland (Nominated Adviser and Broker)

James Joyce / Mark Leonard Tel: [phone]

Square 1 Consulting (Public Relations)

David Bick / Mark Longson Tel: [phone]

Glossary:

 
 sidetrack   re-entry of a well from the well's surface 
              location with drilling equipment for the purpose 
              of deviating from the existing well bore to 
              achieve production or well data from an alternative 
              zone or bottom hole location, or to remedy 
              an engineering problem encountered in the existing 
              well bore. 
 

Notes to Editors:

UKOG Licence Interests

The Company has interests in the following UK licences:

 
Asset         Licence     UKOG's    Licence Holder     Operator      Area    Status 
                         Interest                                   (km(2) 
                                                                      ) 
                                                                             Field in 
Avington                              UKOG (GB)      IGas Energy             stable 
 (1)          PEDL070       5%          Limited           Plc        18.3    production. 
                        ---------  ---------------  -------------  -------  -------------- 
                                                                             Reviewing 
                                                                             economics 
                                                                             of appraisal/ 
Baxters                               UKOG Weald     IGas Energy             development 
 Copse (2)    PEDL233      50%          Limited           Plc        89.6    well. 
-----------             ---------  ---------------  -------------  -------  -------------- 
                                                                             Drilling of 
                                                                             sidetrack 
                                                                             well 
Brockham                             Angus Energy    Angus Energy            being 
 (1)           PL234       3.6%           (5)             (5)        8.9     considered. 
-----------             ---------  ---------------  -------------  -------  -------------- 
                                                                             Awaiting OGA 
                                                      Europa Oil             consent to 
                                                        & Gas                farm-in, 
Holmwood                                              (Holdings)             exploration 
 (3)          PEDL143      20%           UKOG            plc         91.8    well planned. 
-----------             ---------  ---------------  -------------  -------  -------------- 
                                                                             Field in 
Horndean                              UKOG (GB)      IGas Energy             stable 
 (1)           PL211       10%          Limited           Plc        27.3    production. 
-----------             ---------  ---------------  -------------  -------  -------------- 
                                                                             Flow testing 
                                                                             of HH-1 
                                                                             planned, 
                                      Horse Hill      Horse Hill             awaiting 
Horse Hill                           Developments    Developments            regulatory 
 (4)          PEDL137    20.358%        Ltd (6)        Ltd (6)       99.3    approvals. 
                                                                   -------  -------------- 
                                                                             Flow testing 
                                                                             of HH-1 
                                                                             planned, 
                                      Horse Hill      Horse Hill             awaiting 
Horse Hill                           Developments    Developments            regulatory 
 (4)          PEDL246    20.358%        Ltd (6)        Ltd (6)       43.6    approvals. 
                                                                   -------  -------------- 
                                                                             Awaiting 14th 
Isle of                                                                      Round, UKOG 
 Wight                                                                       adjacent 
 (Offshore)                          UKOG Solent     UKOG Solent             onshore 
 (3)           P1916      77.5%         Limited         Limited      46.7    acreage. 
----------- 
Isle of         14th       TBA           TBA             TBA        200.0    Subject to 
Wight           Round                                                        14th 
(Onshore)                                                                    Round awards. 
(3) 
----------- 
                                                                             Drilling of 
                                                                             infill well 
                                     Angus Energy    Angus Energy            being 
Lidsey (1)     PL241       4.2%           (5)             (5)        5.3     considered. 
-----------             ---------  ---------------  -------------  -------  -------------- 
                                                                             Compiling 
                                                                             Field 
Markwells                             UKOG (GB)       UKOG (GB)              Development 
 Wood (2)     PEDL126      100%         Limited         Limited      11.2    Plan. 
-----------             ---------  ---------------  -------------  -------  -------------- 
 
Notes: 
1. Oil field currently in production. 
2. Oil discovery pending development and/or appraisal 
 drilling. 
3. Exploration asset with drillable prospects 
 and leads. 
4. Oil discovery pending 
 flow testing. 
5. UKOG has a 6% interest in Angus Energy. 
 Angus Energy has a 70% interest in Lidsey 
 and a 60% interest in Brockham. 
6. UKOG has a direct 30% interest in HHDL, plus an indirect 
 1.32% interest via Angus Energy. HHDL has a 65% interest 
 in PEDL137 and PEDL246. 
 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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October 16, 2015 02:00 ET (06:00 GMT)