REG - UK Oil & Gas PLC - Loxley planning appeal update

UK Oil & GasAnnouncement

06/01/2022 16:20

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220106:nRSF6937Xa&default-theme=true

RNS Number : 6937X  UK Oil & Gas PLC  06 January 2022

UK Oil & Gas PLC

("UKOG" or the "Company")

 

Loxley planning appeal update

 

UK Oil & Gas PLC (London AIM: UKOG) has been informed by the Planning
Inspectorate that the Secretary of State ("SoS") for Levelling Up, Housing and
Communities has recovered the Company's appeal against Surrey County Council's
decision to refuse planning consent for its wholly owned Loxley conventional
gas appraisal drilling project ("Loxley"). The final appeal determination will
now be made by the SoS utilising the Planning Inspector's report and
recommendation.

 

Whilst the Company had expected a decision from the Planning Inspectorate in
the first quarter of this year, the recovery by the SoS may lengthen the time
to an appeal decision.

 

As questions regarding the UK's gas supply and record high gas prices have
risen to the fore in recent months, the Company hopes that in deciding the
appeal, the SoS will carefully consider how Loxley gas, as a secure domestic
source, could help address these pertinent national issues which are detailed
below:

 

·    The lack of weight given to future UK domestic gas supply and the
resultant increasing import dependency exposes the UK economy and consumers to
upwards gas price volatility and decreasing security of supply. New domestic
gas, such as Loxley, could help mitigate this situation.

 

·    The UK's recent increased dependence upon imported Liquified Natural
Gas, with 4-5 times the pre-combustion footprint of domestic gas, could
negatively impact the UK's net zero ambitions. Domestic gas, such as Loxley,
offers a significant net zero advantage in this respect.

 

·    Similarly, higher carbon footprint gas imports could also negatively
impact the initial phases of the UK's 'Hydrogen Economy' from a net zero
aspect as it is widely predicted that 'blue hydrogen' from methane reforming
will initially constitute a significant proportion of available hydrogen.
 Domestic gas offers a significant net zero advantage in this respect. The
Company has stated that, if granted necessary permissions, it plans to supply
Loxley gas as a feedstock for reforming into hydrogen, fully in keeping with
the government's net zero ambitions and plans.

 

·    The need for continued gas supply to 2050 and beyond has been
recognised by the climate change committee.

 

 

For further information, please contact:

 

UK Oil & Gas PLC

Stephen Sanderson / Matt Gormley (01483 941496)

 

WH Ireland (Nominated Adviser & Broker)

James Joyce / Andrew de Andrade (020 7220 1666)

 

Communications

Brian Alexander (01483 941496)

 

This announcement is made in accordance with Article 19 of the EU Market Abuse
Regulation 596/2014.

This information is provided by RNS, the news service of the London Stock
Exchange. RNS is approved by the Financial Conduct Authority to act as a
Primary Information Provider in the United Kingdom. Terms and conditions
relating to the use and distribution of this information may apply.

RNS may use your IP address to confirm compliance with the terms and
conditions, to analyse how you engage with the information contained in this
communication, and to share such analysis on an anonymised basis with others
as part of our commercial services. For further information about how RNS and
the London Stock Exchange use the personal data you provide us, please see
our Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy) .

For further information, please contact rns@lseg.com or visit www.rns.com

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCQQLFBLFLFBBV