5th Oct 2015 09:53
LONDON (Alliance News) - UK Oil & Gas Investments PLC on Monday said it has received the conceptual low-impact oil development plans for its licences in the Weald and Purbeck-Wight basins in southern England.
UK Oil & Gas said the studies, delivered by consultancies Xodus Group Ltd and Barton Willmore, showed a low visual impact with a significantly lower visual profile than existing UK and Weald oil developments. It said that a significant number of potentially suitable low-impact sites have been located in its licence areas.
"The development studies are only conceptual at this stage and should not be misconstrued so as to convey that recoverable resources, contingent resources or reserves have been proven to exist within the Jurassic limestone tight oil play at Horse Hill or over other UKOG assets in the Weald and Purbeck-Wight basins," the company said.
UK Oil & Gas' licences in the Weald basin include Horse Hill, a project involving a number of AIM-listed oil and gas companies which caused a stir earlier in the year amid reports that around 10.99 billion barrels are in place, though questions remain about how much of that oil is recoverable.
Shares in UK Oil & Gas were down 1.6% to 1.65 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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