REG - UK Oil & Gas PLC - Loxley Appeal Decision Update

UK Oil & GasAnnouncement

11/03/2022 07:00

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RNS Number : 4268E  UK Oil & Gas PLC  11 March 2022

UK Oil & Gas PLC

("UKOG" or the "Company")

 

Loxley Appeal Decision Update

 

UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that with
respect to the Company's appeal against Surrey County Council's refusal of
planning consent for its Loxley conventional gas and hydrogen feedstock
project, the Planning Inspectorate has now confirmed that the inspector has
submitted his report to the Secretary of State ("SoS") to assist in his
determination. The Planning Inspectorate has also advised that they expect the
SoS to issue his decision on or before 7 June 2022.

 

The above follows the Company's announcement in January of this year that the
Secretary of State for Levelling Up, Housing and Communities had recovered the
appeal from the Planning Inspectorate.

 

Stephen Sanderson, UKOG's Chief Executive commented:

 

"Recent tragic events in Ukraine have rightly focused attention on the
security of UK gas supply and the price volatility that can result from an
increasing dependence on imported gas. We believe new UK domestic gas, from
sites such as Loxley, could help increase security of supply and help mitigate
against such price volatility. In these respects, moving Loxley forward would
also be entirely consistent with the Prime Minister's recent statement
regarding a new energy strategy that includes using more domestic hydrocarbons
to reduce Russian imports.

 

Prioritising new UK gas production, whether as a transitional fuel or as a
source for reforming into blue hydrogen as the Company plans for Loxley, also
offers the UK the benefit of a much lower pre-combustion carbon footprint than
imported pipeline gas and LNG. It therefore has a potentially significant
benefit to the UK's net zero plans versus the net zero downside of imports.

 

Backing UK domestic gas makes strategic, economic and environmental good
sense."

 

 

For further information, please contact:

   UK Oil & Gas PLC
   Stephen Sanderson / Matt Gormley / 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 by the Company to
constitute inside information under the Market Abuse Regulation (EU) No.
596/2014

 

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