Loxley Appeal Decision Update

RNS Number : 4268E

UK Oil & Gas PLC

11 March 2022

 

UK Oil & Gas PLC

("UKOG" or the "Company")

Loxley Appeal Decision Update

UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that with respect to the Company's appeal against Surrey County Council's refusal of planning consent for its Loxley conventional gas and hydrogen feedstock project, the Planning Inspectorate has now confirmed that the inspector has submitted his report to the Secretary of State ("SoS") to assist in his determination . The Planning Inspectorate has also advised that they expect the SoS to issue his decision on or before 7 June 2022.

The above follows the Company's announcement in January of this year that the Secretary of State for Levelling Up, Housing and Communities had recovered the appeal from the Planning Inspectorate.

Stephen Sanderson, UKOG's Chief Executive commented:

"Recent tragic events in Ukraine have rightly focused attention on the security of UK gas supply and the price volatility that can result from an increasing dependence on imported gas. We believe new UK domestic gas, from sites such as Loxley, could help increase security of supply and help mitigate against such price volatility. In these respects, moving Loxley forward would also be entirely consistent with the Prime Minister's recent statement regarding a new energy strategy that includes using more domestic hydrocarbons to reduce Russian imports.

Prioritising new UK gas production, whether as a transitional fuel or as a source for reforming into blue hydrogen as the Company plans for Loxley, also offers the UK the benefit of a much lower pre-combustion carbon footprint than imported pipeline gas and LNG. It therefore has a potentially significant benefit to the UK's net zero plans versus the net zero downside of imports.

Backing UK domestic gas makes strategic, economic and environmental good sense."

For further information, please contact:

UK Oil & Gas PLC
Stephen Sanderson / Matt Gormley / Allen D Howard	Tel: [phone]
WH Ireland Ltd  (Nominated Adviser and Broker)
James Joyce / Andrew de Andrade	Tel: [phone]
Communications
Brian Alexander	Tel: [phone]

The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014

 

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