21st Jun 2021 14:52
UK Oil & Gas PLC - London-headquartered exploration and production company - Has an extra two years to decide whether to drill the PEDL234 Loxley-1 gas appraisal well, after receiving an extension from the UK Oil & Gas Authority. Loxley-1 drilling now must begin before the end of 2023. Says the extension was granted due to delays from the pandemic and the company's appeal of Surrey County Council's decision to refuse planning consent for the Loxley gas appraisal drilling project on December 15, 2020.
Notes the Oceanmec Karahan ZJ40DZ oil rig has now been mobilised to the Basur-3 appraisal well. Expects the rig to be assembled and tested by the end of the week, with drilling commencing soon after. Says the Basur-3 well is designed to assess the extent and commercial viability of the Basur-Resan oil pool, around 1.2 kilometres north of the 1964 Basur-1 oil discovery well. UKOG Turkey Ltd holds a 50% interest in Basur-3 and the surrounding 305 kilometre square Resan M47-b1, b2 licence area.
Current stock price: 0.20 pence, up 9.3% on Monday afternoon
Year-to-date change: up 29%
By Scarlett Butler; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
UK Oil & Gas