UK Oil & Gas Investments PLC (London AIM and ISDX:UKOG) have told DirectorsTalk this morning that it has received final regulatory consent from the Oil and Gas Authority (“OGA”) to acquire a further 10% interest in UK onshore Weald Basin licence PEDL143, via the farm-in with Warwick Energy Exploration and Production Limited (“Warwick”) announced on 23 November 2015.
PEDL143 covers 35.5 square miles and is located to the immediate west of Horse Hill licence PEDL137, in which UKOG has a 20.163% interest, and to the immediate south of the Brockham oil field, licence PL235, in which UKOG has an interest via its 6% ownership of Angus Energy Limited.
As previously reported, the Company will participate in the drilling of the planned Holmwood-1 exploration well which will test the Holmwood Prospect’s identified Portland sandstone, Kimmeridge limestone and Corallian sandstone reservoir objectives.
Stephen Sanderson, UKOG’s Executive Chairman commented:“The Holmwood licence is now a significant and exciting element of our core Weald Basin exploration portfolio. We look forward to the drilling of the Holmwood-1 well next winter.”
