UK Oil & Gas Investments PLC (LSE AIM/ISDX: UKOG) has told DirectorsTalk that a planning application has been submitted to the South Downs National Park Authority for the appraisal and development of the company’s conventional Markwells Wood-1 oil discovery, located near Rowlands Castle in West Sussex. UKOG owns a 100% interest in the Markwells Wood licence (PEDL126). The MW-1 oil discovery, which was successfully tested in 2012, lies adjacent to the producing Horndean oil field, a geological look-alike accumulation in which the company has a 10% interest.
Subject to the required regulatory approvals, the first phase of the envisaged Markwells Wood development would consist of the drilling and extended production testing of a new horizontal sidetrack appraisal well from the existing MW-1 borehole. Contingent upon the sidetrack’s commercial performance, a second phase of up to three further horizontal production wells and a water injection well would be undertaken.
In order to minimise impact to the locality, feedback from a public consultation and engagement process, undertaken in July, was incorporated into the envisaged development design and planning application. The normal local planning authority cycle takes approximately 16 weeks.
Stephen Sanderson, UKOG’s Executive Chairman, commented: “This is an important milestone towards monetising the Markwells Wood oil discovery. We look forward to further engaging with stakeholders and to a successful planning outcome.“
