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UKOG pleased with Horse Hill extension

By BFN News | 02:22 PM | Wednesday 13 May, 2015


UK Oil & Gas Investments' board is pleased to announce it has been informed by Horse Hill Developments Ltd that the exploration stage of the Horse Hill PEDL137 licence has been extended for a further year by the Oil & Gas Authority. The exploration stage of the PEDL137 licence has been extended to 30 September 2016. UK Oil & Gas Investments has a 20.358% interest. Subject to the results of an intended Horse Hill-1 flow test later in 2015, for which regulatory approval is required, the Company is informed that HHDL would seek, in conjunction with the OGA and other regulators, to move the PEDL137 licence into the production period, via, inter alia, the submission of a HH Field Development Plan ("FDP") to the OGA. The PEDL137 licence provides for a potential production period of 19 years. HHDL has informed the company that its application for the flow test is based on the roadmap document published by the Department of Energy and Climate Change (now the OGA) for onshore oil and gas exploration in the UK. At 2:22pm: (LON:UKOG) Uk Oil Gas Investments Plc a Ord 0.01p share price was +0.13p at 2.7p Story provided by StockMarketWire.com

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