16th Oct 2015 07:17
LONDON (Alliance News) - UK Oil and Gas Investments PLC Friday said it has secured an extension to its planning permission for the Markwells Wood-1 well site in West Sussex, England until the second half of 2016.
The company said the local planning authority, the South Downs National Park Authority, has agreed to extend planning permission for the well site until the end of September 2016. The well is on the PEDL126 licence, which is wholly-owned by UK Oil and Gas.
In September, the company said it planned on submitting a final development programme to the market regulator, the Oil and Gas Authority, so it could move the licence from exploration phase into an 18-year production period.
In due course, the final development plan will also form the basis of a new planning application to the South Downs National Park Authority to seek their consent for Markwells Wood field development. Applications for further regulatory consents from the Environment Agency and Health and Safety Executive will follow.
"This is a key step to enable the company to move forward with its plan to develop this UK onshore oil field to add further oil production to its portfolio. In order to obtain the necessary regulatory consents to proceed with the development, we will now finalise a final development plan and compile and submit a new planning application to SDNPA," said Chairman Stephen Sanderson.
"The Markwells Wood field development, if permitted, is planned in a series of phases, commencing with the proposed MW-1 sidetrack development well," he added.
UK Oil and Gas shares were trading up 1.8% to 1.50 pence per share on Friday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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