By Michael Susin

 

UK Oil & Gas PLC shares rose on Tuesday after the company said that its appeal against a planning refusal for its Loxley project was successful and it can now proceed.

Shares closed up 16% at 0.17 pence.

The British energy company said that the Surrey County Council's refusal was overturned by the Minister for Housing, acting for the Secretary of State for Leveling Up, Housing and Communities.

The company currently holds both planning and environmental consents for the project, which it plans will produce conventional gas and be a source for reforming into blue hydrogen.

"We welcome this decision and its backing for Loxley's gas as a secure, sustainable energy source with a far lower pre-combustion carbon footprint than imports. Backing the U.K. domestic gas makes strategic, economic and environmental good sense," Chief Executive Officer Stephen Sanderson said.

 

Write to Michael Susin at michael.susin@wsj.com

 

(END) Dow Jones Newswires

June 07, 2022 12:24 ET (16:24 GMT)

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