Search Share Prices
UKOG drops Isle of Wight licence as focus switches to Arreton discovery
London-based firm UK Oil and Gas Investments announced on Wednesday that it would not be seeking a further extension to its P1916 licence offshore of the Isle of Wight.
As UKOG began to switch its focus to the onshore PEDL331 Arreton oil discovery, the firm informed the Oil and Gas Authority that due to low geological prospectivity, high environmental sensitivity and consequential high associated drilling costs that it felt the project no longer merited any further commitment.
The Arreton site selection and regulatory permitting activities had also kicked off, with a planned appraisal drilling campaign set to start during the first half of 2019.
Stephen Sanderson, UKOG's executive chairman, said, "The Arreton discovery on the Isle of Wight's remains a key element of the company's 2018 and 2019 growth strategy and plans. We look forward to working with our partners towards a successful 2019 appraisal drilling campaign."
As of 0920 GMT, shares had declined 0.72% to 3.03p.