UK Oil & Gas Stock Rises on Successful Loxley Planning Appeal
07 Giugno 2022 - 6:39PM
Dow Jones News
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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