UK Oil & Gas PLC PEDL234 Loxley gas discovery update (4921O)
01 Febbraio 2023 - 8:00AM
UK Regulatory
TIDMUKOG
RNS Number : 4921O
UK Oil & Gas PLC
01 February 2023
UK Oil & Gas PLC
("UKOG" or the "Company")
PEDL234 Loxley gas discovery update
UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce
that the North Sea Transition Authority ("NSTA") has granted its
consent to a modified PEDL234 Retention Area ("RA") work programme.
The revision will permit the Company to focus licence activities
entirely upon the acceleration of the planned appraisal campaign of
its material 100%-owned Loxley gas discovery.
In accordance with the revised RA programme, the Company has
agreed to commence the Loxley-1 appraisal well by 30(th) June 2024.
Loxley-1, designed to confirm the commercial viability of the
discovery, is planned to be completed as a future production well,
one of only two wells required to produce Loxley's entire estimated
material recoverable gas resources (see the Annual Report and
Accounts Table 2 and RNS of 20(th) September 2020). The second
production well, designed to maintain the desired plateau gas
production rate, must be drilled by summer 2029.
In the event Loxley-1 confirms the discovery's commercial
viability, the Company has also agreed to acquire 10 km (2) of 3D
seismic over the field by 30(th) June 2025 and to submit a Field
Development Plan for NSTA consent by the end of 2025.
Qualified Person's Statement
Matt Cartwright, UKOG's Commercial Director, who has 39 years of
relevant experience in the global oil industry, has approved the
information contained in this announcement. Mr Cartwright is a
Chartered Engineer and member of the Society of Petroleum
Engineers.
For further information, please contact:
UK Oil & Gas PLC
Stephen Sanderson / Allen D Howard Tel: 01483
941493
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 to
constitute inside information as stipulated under the retained EU
law version of the Market Abuse Regulation (EU) No. 596/2014 (the
"UK MAR") which is part of UK law by virtue of the European Union
(Withdrawal) Act 2018. The information is disclosed in accordance
with the Company's obligations under Article 17 of the UK MAR. Upon
the publication of this announcement, this inside information is
now considered to be in the public domain.
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