Council grants planning permission for UK Oil and Gas at West Sussex site
(ShareCast News) - AIM-listed firm UK Oil and Gas Investments (UKOG) announced on Wednesday that the Planning Committee of West Sussex County Council had unanimously approved a one-year extension to the group's existing planning permission at its wholly owned PEDL234 licence outside Crawley.
The extension, set to expire in September 2018, would allow UKOG to complete its full 14-week extended flow test programme on its BB-1 and BB-1z exploration wells as originally permitted and planned.
As a result of multiple positive indications of mobile light oil found throughout the target reservoir, UKOG believes its PEDL234 licence could flow at a stable aggregate rate similar to the KL4 and KL3 units in the same zone of 1,635 barrels of oil equivalents per day.
Stephen Sanderson, UKOG's executive chairman said, "West Sussex's unanimous approval of the extension is further recognition of the company's operational competence, sound environmental practices and positive engagement with all stakeholders."
As of 0845 BST, shares had dipped 1.59% to 8.32p.