PEDL234 Loxley Drilling Commitment Deadline Extended by 2Y

Source: www.gulfoilandgas.com 6/21/2021, Location: Europe

UK Oil & Gas PLC (UKOG) is pleased to announce that the Oil and Gas Authority has granted a two-year extension to the time period in which the Company's 100% interest PEDL234 Loxley-1 gas appraisal well must commence. In order to satisfy the licence's Retention Area programme, Loxley-1 drilling must now commence before 31st December 2023.

The drilling extension was granted in response to delays beyond the Company's control caused by both the pandemic and by the Company's appeal to the Planning Inspectorate against Surrey County Council's ("SCC") decision on 15th December 2020 to refuse planning consent for the Loxley gas appraisal drilling project.

The Company now looks forward to presenting a robust case for the grant of Loxley planning consent to the Planning Inspector at the forthcoming public inquiry, due to commence on 27th July 2021.

Senior legal counsel continues to advise that, given SCC's cited reasons for refusal, there are strong grounds to expect a positive inquiry outcome for the Company.


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