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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Uk Oil & Gas Plc | LSE:UKOG | London | Ordinary Share | GB00BS3D4G58 | ORD GBP0.000001 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.0015 | 6.25% | 0.0255 | 0.024 | 0.027 | 0.0255 | 0.02275 | 0.024 | 51,927,596 | 09:47:29 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Finance Services | 1.78M | -4.87M | -0.0015 | -0.20 | 976.2k |
TIDMUKOG
RNS Number : 9863U
UK Oil & Gas PLC
03 August 2020
UK Oil & Gas PLC
("UKOG" or the "Company")
Loxley Planning Consent Meeting to be Rerun
UK Oil & Gas PLC (London AIM: UKOG) is pleased to note that following questions raised as to the lawfulness of the planning committee meeting ("PCM") held on 29(th) June, during which the Company's Loxley gas appraisal project was presented for determination, Surrey County Council (SCC) have decided that the Loxley Gas project should be redetermined at a future PCM. The Company now expects the Loxley project to be redetermined by SCC in the PCM scheduled on 17 September.
Following the 29 June meeting, in which the members voted by 6 to 5 against SCC's planning officer's recommendation to consent to UKOG's Loxley application, the Company sent SCC a formal legal letter of complaint outlining a series of procedural and other legal issues that potentially affected the lawfulness of decisions made during the meeting.
SCC also acknowledge that their Monitoring Officer received in excess of 100 similar complaints alleging that there were procedural irregularities that invalidated the result. Following the PCM no formal determination notice was issued to the Company by SCC, meaning the project remains officially undetermined.
The Company welcomes the chance to restate why the low-impact Loxley project is of material local and national economic importance, is fully compliant with Net Zero, and presents minimal local business, local highway and environmental impacts. The Environment Agency has already issued a permit covering all aspects of the development.
We trust that the 17 September re-run will result in a decision fully commensurate with the facts presented, natural law and fair democratic process.
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 Licence Operator Area Status Interest Holder (km (2) ) Field currently UKOG (GB) IGas Energy temporarily Avington (1) PEDL070 5% Limited Plc 18.3 shut in ------------------------------- ---------- -------------- -------------- ------ ------------------- BB-1/1z oil discovery, Broadford Bridge/Loxley/Godley Loxley/Godley Bridge (2, UKOG (234) UKOG (234) Bridge gas 3, 8) PEDL234 100% Ltd (4) Ltd (4) 300.0 discovery ------------------------------- ---------- -------------- -------------- ------ ------------------- Finalising new site selection to drill Portland and Kimmeridge A24 (3) PEDL143 67.5% UKOG UKOG (7) 91.8 prospects ------------------------------- ---------- -------------- -------------- ------ ------------------- UKOG (GB) IGas Energy Field in Horndean (1) PL211 10% Limited Plc 27.3 stable production ------------------------------- ---------- -------------- -------------- ------ ------------------- Horse Hill Horse Hill Horse Hill Developments Developments Field in (1) PEDL137 85.635% Ltd Ltd 99.3 stable production ------------------------------- ---------- -------------- -------------- ------ ------------------- Horse Hill Horse Hill Horse Hill Developments Developments Field in (1) PEDL246 85.635% Ltd Ltd 43.6 stable production ------------------------------- ---------- -------------- -------------- ------ ------------------- Planning application submitted Isle of Wight for Arreton (Onshore) (2, oil appraisal 3) PEDL331 95% UKOG UKOG 200.0 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 Loxley Portland gas accumulation, the Broadford Bridge-1/1z Kimmeridge oil 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.
END
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(END) Dow Jones Newswires
August 03, 2020 11:16 ET (15:16 GMT)
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