15th Jun 2015 08:01
LONDON (Alliance News) - UK Oil & Gas Investments PLC Monday said the offshore Isle of Wight licence P1916 which it operates has been extended for a further year by the UK government to the end of January 2017.
"The extension provides the company with the necessary time to finalise drilling plans, and obtain regulatory permissions in order to drill the M prospect, located primarily in P1916, during the licence's initial period for exploration," it said in a statement.
UK Oil & Gas has a 77.5% stake in the licence.
Its shares were up 0.2% at 2.28 pence Monday morning.
By Steve McGrath; [email protected]; @stevemcgrath1
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