REG - UK Oil & Gas PLC - PEDL234 Loxley gas discovery update

UK Oil & GasAnnouncement

01/02/2023 07:00

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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 km² 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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