Share Name Share Symbol Market Type Share ISIN Share Description
Uk Oil & Gas Plc LSE:UKOG London Ordinary Share GB00B9MRZS43 ORD 0.01P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.0075 5.08% 0.155 0.145 0.15 0.1525 0.1475 0.1475 133,242,172 16:35:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 0.2 -2.3 -0.1 - 19

UK Oil & Gas PLC Date for Loxley planning consent redetermination

16/10/2020 7:00am

UK Regulatory (RNS & others)

Uk Oil & Gas (LSE:UKOG)
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From Sep 2020 to Oct 2020

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RNS Number : 2634C

UK Oil & Gas PLC

16 October 2020

UK Oil & Gas PLC

("UKOG" or the "Company")

November date for Loxley planning consent redetermination

UK Oil & Gas PLC (London AIM: UKOG) announces that following Surrey County Council's ("SCC") 3(rd) August decision to redetermine the Company's Loxley gas appraisal planning application, SCC have now confirmed to UKOG that the rerun is scheduled for 27(th) November 2020.

This unprecedented rerun decision was taken by SCC following receipt of external advice regarding the Company's and over 100 other formal complaints questioning the lawfulness of SCC's 29(th) June planning committee meeting ("PCM"). During this PCM the members voted by 6 to 5 against SCC's planning officer's recommendation to consent to UKOG's development.

Loxley: a material UK gas resource

As per the Company's 21(st) October announcement, an Xodus report estimates that the Company's 100% held PEDL234 licence contains significant calculated mean and high case recoverable gas volumes of 34 billion cubic feet ("bcf") and 54 bcf respectively, placing Loxley as the second largest gas accumulation ever discovered and flow tested in the UK onshore. Xodus calculate that approximately 78% of the overall Loxley gas accumulation lies within PEDL234.

Stephen Sanderson UKOG's Chief Executive commented:

"Despite the further delay to the PCM rerun, UKOG welcomes the opportunity to restate why its low footprint Loxley gas project is of material local and national economic importance, representing an opportunity to power around 200,000 Surrey homes from Net Zero compliant UK gas. The submitted development presents minimal visual, local business and highway impacts and already has a full environmental permit from the Environment Agency."

PEDL143 Update (UKOG 67.5%)

A detailed study examining the viability of drilling the A24 (formerly Holmwood) Portland prospect's centre from selected sites outside the Surrey Hills Area of Outstanding Natural Beauty, each over 3 km from the target, concludes that the required long-reach/shallow target-depth wells are neither technically viable or economically feasible. Consequently, UKOG and its partners have now relinquished their interests in the licence. It remains a great disappointment to the Company that the licence's former operator, Europa Oil and Gas, whilst in possession of planning consent, failed to drill the prospect from the Holmwood site, around 1 km from the target.

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 
 Brian Alexander                      Tel: 01483 941493 

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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(END) Dow Jones Newswires

October 16, 2020 02:00 ET (06:00 GMT)

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