UK Oil & Gas gets Covid extensions to Horse Hill deadlines

2nd Aug 2021 11:25

(Sharecast News) - UK Oil & Gas announced on Monday that the Oil and Gas Authority (OGA) has granted two-year extensions to the remaining drilling deadlines necessary to satisfy the agreed retention area work programmes of its operated 85.635% interest Horse Hill licences, PEDL137 and PEDL246.
The AIM-traded firm said both extensions were retroactive, taking effect from the retention area anniversary date of 30 September 2020 for PEDL137 and 30 June 2020 for PEDL246.

"Fulfilment of the retention area programme enables the company to retain all the licenced area, versus a relinquishment of part of the licence," the board said in its statement.

The respective retention area programme deadlines were now to start drilling a Kimmeridge appraisal well by 30 September 2022 at PEDL137, and to begin drilling a Kimmeridge exploration well by 30 June 2025 on PEDL246.

"The extensions are in response to the coronavirus pandemic," UK Oil & Gas added.

At 1108 BST, shares in UK Oil & Gas were down 11.69% at 0.14p.