UK Oil & Gas Investments PLC Planning Application Update (9740D)
03 May 2017 - 4:00PM
UK Regulatory
TIDMUKOG
RNS Number : 9740D
UK Oil & Gas Investments PLC
03 May 2017
UK Oil & Gas Investments PLC
("UKOG" or the "Company")
Markwells Wood Planning Application Update
UKOG (AIM & NEX: UKOG) announces that, in order to progress
the acquisition of new site-specific hydrogeological data over and
around the Markwells Wood drilling pad, the Company has temporarily
withdrawn its planning application to the South Downs National Park
Authority ("SDNPA"). The application is now planned for
resubmission later in 2017 after the completion of the planned data
acquisition and upon the conclusions of ongoing technical
conversations with the Environment Agency ("EA").
In order to address the EA's last-minute submission of 4 April
requesting that new site-specific data be acquired over the site to
confirm the validity of the submitted Groundwater Risk Assessment,
UKOG requested that SDNPA delay the determination of the Markwells
Wood project from their planning committee meeting of 11 May to the
13 July 2017. This period would have enabled necessary acquisition
and dialogue to be completed. Disappointingly, this request was
refused by SDNP. Data acquisition has commenced, and is expected to
be completed before the summer.
The Company now also intends to take this opportunity to apply
for a full EA permit covering the first phase of the proposed
development, with a view to including this as part of the
resubmission of the planning documents.
Stephen Sanderson, UKOG's Executive Chairman, commented:
"Given the potential sensitivity of the Markwells Wood site to
the adjacent chalk groundwater system, it is in the public interest
that this subject be investigated as thoroughly as possible prior
to any further site activity. Whilst the refusal of SDNPA to
accommodate this important step is somewhat unsatisfactory, we look
forward to concluding this matter with the EA and resubmitting the
application as soon as practicable. Our target of drilling
Markwells Wood by Q2 2019 is unlikely to be affected."
Qualified Person's Statement
Stephen Sanderson, UKOG's Executive Chairman, who has over 35
years of relevant experience in the oil industry, has approved the
information contained in this announcement. Mr Sanderson is a
Fellow of the Geological Society of London and is an active member
of the American Association of Petroleum Geologists.
For further information, please contact:
UK Oil & Gas Investments PLC
Stephen Sanderson / Kiran Morzaria Tel: 020 7440 0640
WH Ireland (Nominated Adviser and Broker)
James Joyce / James Bavister Tel: 020 7220 1666
Cenkos Securities PLC (Joint Broker)
Nick Tulloch / Neil McDonald Tel: 0131 220 6939
Square 1 Consulting (Public Relations)
Brian Alexander / David Bick Tel: 020 7929 5599
Glossary:
discovery a discovery is a petroleum accumulation
for which one or several exploratory
wells have established through
testing, sampling and/or logging
the existence of a significant
quantity of potentially moveable
hydrocarbons
---------- ----------------------------------------
UKOG Licence Interests
The Company has interests in the following UK licences:
Asset Licence UKOG's Licence Holder Operator Area (km(2) ) Status
Interest
---------------- --------- --------------- --------------- --------------- -------------- ----------------------
UKOG (GB) IGas Energy Field in stable
Avington (1) PEDL070 5% Limited Plc 18.3 production
---------------- --------- --------------- --------------- --------------- -------------- ----------------------
Baxters Copse PEDL233 50% UKOG Weald IGas Energy 89.6 appraisal/development
(2) Limited Plc well planned; licence
extended to 2018
---------------- --------- --------------- --------------- --------------- -------------- ----------------------
Broadford Bridge PEDL234 100% Kimmeridge Oil Kimmeridge Oil 300.0 BB-1 well permitted,
(3) & Gas Limited & Gas Limited drilling planned in
(4) (4) 2017
---------------- --------- --------------- --------------- --------------- -------------- ----------------------
Angus Energy Angus Energy Well intervention
Brockham PL235 0.72% (6) (6) 8.9 programme ongoing
---------------- --------- --------------- --------------- --------------- -------------- ----------------------
Holmwood (3) PEDL143 30% UKOG Europa Oil & 91.8 Holmwood-1
Gas (Holdings) exploration well
plc planned in 2017
---------------- --------- --------------- --------------- --------------- -------------- ----------------------
UKOG (GB) IGas Energy Field in stable
Horndean (1) PL211 10% Limited Plc 27.3 production
---------------- --------- --------------- --------------- --------------- -------------- ----------------------
Horse Hill (5) PEDL137 31.2% Horse Hill Horse Hill 99.3 Submitted planning
Developments Developments application for long
Ltd (7) Ltd (7) term production tests
and drilling of two
wells
---------------- --------- --------------- --------------- --------------- -------------- ----------------------
Horse Hill Horse Hill
Developments Developments
Horse Hill (5) PEDL246 31.2% Ltd (7) Ltd (7) 43.6 As above
---------------- --------- --------------- --------------- --------------- -------------- ----------------------
Isle of Wight UKOG Solent UKOG Solent Preparing drilling
(Offshore) (3) P1916 100% Limited Limited 46.7 planning submission
----------------
Isle of Wight
(Onshore) (2, Preparing drilling
3) PEDL331 65% UKOG TBA 200.0 planning submission
---------------- --------- --------------- --------------- --------------- -------------- ----------------------
Lidsey PL241 0.56% Angus Energy Angus Energy 5.3 Drilling of infill
(6) (6) well being considered
---------------- --------- --------------- --------------- --------------- -------------- ----------------------
Markwells Wood PEDL126 100% UKOG (GB) UKOG (GB) 11.2 Submitted planning
(2) Limited Limited application for
appraisal and field
development
---------------- --------- --------------- --------------- --------------- -------------- ----------------------
Notes:
1. Oil field currently in production.
2. Oil discovery pending development and/or appraisal
drilling.
3. Exploration asset with drillable prospects and leads.
Contains the extension of the Godley Bridge Portland gas discovery
and the site of the forthcoming Broadford Bridge-1 well.
4. UKOG has a 100% interest in Kimmeridge Oil & Gas Limited,
which has a 100% interest in PEDL234.
5. Oil discovery with recently completed flow testing.
6. UKOG has a 1.11% interest in Angus Energy, which has a 50%
interest in Lidsey and a 65% interest in Brockham; Angus hold an
option to increase their Lidsey interest by a further 10% to
60%.
7. UKOG has a direct 48% interest in HHDL, which has a 65%
interest in PEDL137 and PEDL246.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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