UK Oil & Gas Investments PLC (LSE AIM: UKOG) has told DirectorsTalk this morning that planning permission for the Markwells Wood-1 well site, in West Sussex, near Rowlands Castle, has been extended until 30 September 2016. The local planning authority for the well site is the South Downs National Park Authority (“SDNPA”). UKOG owns a 100% interest in the Markwells Wood licence (PEDL126).
Future Plans:
Per UKOG’s RNS of 14 September 2015, the Company has commenced work on a Markwells Wood Field Development Plan (“FDP”), with a view to submitting the FDP to the Oil and Gas Authority (“OGA”) and seeking OGA’s approval to move the PEDL126 licence from its current exploration phase into an 18-year production period.
In due course, the Markwells Wood FDP will also form the basis of a new planning application to the SDNPA to seek their consent for Markwells Wood field development. Applications for further regulatory consents from the Environment Agency and Health and Safety Executive will follow.
As part of the FDP, the Company has also commissioned related engineering and environmental studies, which will draw upon some of the findings of UKOG’s recent Weald conceptual development studies. These Markwells Wood studies will focus on how the Markwells Wood oil field can be developed, with minimal footprint and local impact.
The Company has also commissioned well completion studies with Nutech Energy Ltd to investigate how flow from the proposed Markwells Wood-1 (“MW-1”) sidetrack well could be optimised.
Stephen Sanderson, UKOG’s Chairman, commented: “This is a key step to enable the Company to move forward with its plan to develop this UK onshore oil field to add further oil production to its portfolio.
In order to obtain the necessary regulatory consents to proceed with the development, we will now finalise a FDP and compile and submit a new planning application to SDNPA.
The Markwells Wood field development, if permitted, is planned in a series of phases, commencing with the proposed MW-1 sidetrack development well.
We will utilise the findings of our recently published Weald conceptual development studies to ensure that any production facilities have a low environmental impact and minimal footprint that respects the rural beauty and way of life of the local area.”
