UK Oil & Gas PLC Date for Loxley planning consent redetermination (2634C)
October 16 2020 - 2:00AM
UK Regulatory
TIDMUKOG
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
Communications
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
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