UK Oil & Gas PLC Loxley Appeal Decision Update (4268E)
11 Marzo 2022 - 8:00AM
UK Regulatory
TIDMUKOG
RNS Number : 4268E
UK Oil & Gas PLC
11 March 2022
UK Oil & Gas PLC
("UKOG" or the "Company")
Loxley Appeal Decision Update
UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce
that with respect to the Company's appeal against Surrey County
Council's refusal of planning consent for its Loxley conventional
gas and hydrogen feedstock project, the Planning Inspectorate has
now confirmed that the inspector has submitted his report to the
Secretary of State ("SoS") to assist in his determination . The
Planning Inspectorate has also advised that they expect the SoS to
issue his decision on or before 7 June 2022.
The above follows the Company's announcement in January of this
year that the Secretary of State for Levelling Up, Housing and
Communities had recovered the appeal from the Planning
Inspectorate.
Stephen Sanderson, UKOG's Chief Executive commented:
"Recent tragic events in Ukraine have rightly focused attention
on the security of UK gas supply and the price volatility that can
result from an increasing dependence on imported gas. We believe
new UK domestic gas, from sites such as Loxley, could help increase
security of supply and help mitigate against such price volatility.
In these respects, moving Loxley forward would also be entirely
consistent with the Prime Minister's recent statement regarding a
new energy strategy that includes using more domestic hydrocarbons
to reduce Russian imports.
Prioritising new UK gas production, whether as a transitional
fuel or as a source for reforming into blue hydrogen as the Company
plans for Loxley, also offers the UK the benefit of a much lower
pre-combustion carbon footprint than imported pipeline gas and LNG.
It therefore has a potentially significant benefit to the UK's net
zero plans versus the net zero downside of imports.
Backing UK domestic gas makes strategic, economic and
environmental good sense."
For further information, please contact:
UK Oil & Gas PLC
Stephen Sanderson / Matt Gormley / Allen Tel: 01483 941493
D Howard
WH Ireland Ltd (Nominated Adviser and
Broker)
James Joyce / Andrew de Andrade Tel: 020 7220 1666
Communications
Brian Alexander Tel: 01483 941493
The information contained within this announcement is deemed by
the Company to constitute inside information under the Market Abuse
Regulation (EU) No. 596/2014
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END
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