UKOG Provides Update on PEDL234 Loxley Gas Discovery

Source: www.gulfoilandgas.com 2/1/2023, Location: Europe

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 30th 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 20th 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 of 3D seismic over the field by 30th June 2025 and to submit a Field Development Plan for NSTA consent by the end of 2025.


Mexico >>  3/17/2023 - Eni announces a new discovery on the Yatzil exploration prospect in Block 7, located in the mid-deep water of the Cuenca Salina in the Sureste Basin, ...
Namibia >>  3/16/2023 - Global is pleased to announce its interim results for the six months ended 31 December 2022.

Operational
Recent purchas...


Australia >>  3/15/2023 - Perth Basin energy company Norwest Energy has advised that the Lockyer-2 gas appraisal well was spudded on 15 March 2023.

Lockyer-2 is a do...

Oman >>  3/15/2023 - Tethys Oil reports that the fiscal metering equipment for the extended well test on Al Jumd has arrived at the hook up point, and installation is ongo...

Norway >>  3/14/2023 - Equinor has again struck oil and gas near the Troll field in the North Sea. This is Equinor's eighth discovery in the area since 2019.

The ...

Norway >>  3/14/2023 - DNO ASA, the Norwegian oil and gas operator, today confirmed an oil and gas discovery on the Heisenberg prospect in the Norwegian North Sea license PL...




Gulf Oil and Gas
Copyright 2023 ICT All rights reserved. - Terms of Service - Privacy Policy.