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UK Oil & Gas receives final decision from Surrey Council
Horse Hill Developments, the operator of its PEDL137 and PEDL246 licences, has received final decision notices to allow test-drilling at the Surrey site to begin, boosting shares in UK Oil & Gas and other investors.
AIM-quoted UK Oil & Gas is among several companies invested in the Horse Hill development, which is principally focussed on the Horse Hill-1 oil discovery.
Decision notices were received on Friday, a matter of months after planning approval was granted by the Surrey County Council back in November, which will enable extended flow tests to be carried out at HH-1, plus drill and test both a sidetrack from the existing well and a new well - Horse Hill-2.
Horse Hill Developments has also received all the necessary permissions from the Environment Agency and was awaiting approval from the Oil and Gas Authority before commencement.
In addition to UKOG, which holds a 32.43% stake in Horse Hill Developments, several other London-listed firms held an interest in the company. Alba Mineral Resources possesses an 18.1% stake in the business, and Primorus Investments and Gunsynd hold a 5% and 2% share, respectively.
As of 0840 GMT, shares in UKOG had gained 4.17% to 1.25p.