UK Oil & Gas Isle of Wight licence extended to 2017

15th Jun 2015 09:34

UK Oil & Gas Investments said on Monday that the Oil & Gas Authority has extended its Offshore Isle of Wight licence by a year to the end of January 2017.The company, which is involved in a large oil discovery at Horse Hill near Gatwick, said the extension provides the company with the necessary time to finalise drilling plans and obtain regulatory permissions in order to drill the M prospect, located primarily in P1916, during the licence's initial period for exploration.Chief executive Stephen Sanderson said: "The licence extension will greatly facilitate our current efforts towards drilling this exciting prospect."At 09:40, shares were down 2.1% at 2.23p.