UKOG extends license off Isle of Wight

UK’s Oil and Gas Authority has extended UK Oil & Gas Investments’ (UKOG) P1916 license offshore Isle of Wight in the Wessex-Weald Basin.

UKOG said on Thursday that it was granted a one-year extension to the initial term of the company’s offshore P1916 license to January 31, 2018.

The license had already been extended in June 2015 when the initial period of the exploration stage was extended to January 31, 2017.

Also, the company signed an Asset Transfer Agreement in June 2016 for the 22.5 percent interest in the license with Magellan Petroleum which took UKOG’s interest in the license to 100 percent.

The 46.7 square kilometer license contains an undrilled Portland limestone conventional oil prospect, which is a look-alike to the nearby Arreton Portland oil discovery, located in the company’s adjacent PEDL331 onshore license. A deeper Triassic sandstone prospect lies directly beneath the Portland target in P1916.

UKOG added that the company planned to submit a planning application to drill one or more prospects in the Isle of Wight during the coming year.

Stephen Sanderson, UKOG’s Executive Chairman, said: “UKOG’s future planned Isle of Wight operations are aimed solely at the extraction of oil from conventional naturally-fractured limestone and sandstone reservoirs, not shale, and therefore will not utilize massive hydraulic fracturing.”

Share this article

Follow Offshore Energy Today

Events>

<< Oct 2019 >>
MTWTFSS
30 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3

Executive Oil Conference & Expo 2019

Executive Oil Conference and Exhibition is a unique opportunity to meet with all of the region’s…

read more >

Oil & Gas Vietnam 2019

Oil & Gas Vietnam (OGAV) 2019 is the only specialized oil & gas event in Vietnam that brings together an international congregation of both upstream and downstream oil and gas companies and also its supporting industries gathered in the heart of Vietnam’s oil and gas industry in Vung Tau, to showcase the latest developments in the oil and gas industry.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply