UK Oil & Gas Investments PLC (UKOG) announced that the Offshore Isle of Wight licence P1916 has been extended for a further year by the Oil & Gas Authority (OGA, formerly the Department of Energy and Climate Change).
UKOG is the operator of the licence with 77.5% interest. The P1916 initial period of the exploration stage has been extended to January 31, 2017.
According to UKOG, the extension provides it 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.
Stephen Sanderson, UKOG’s CEO commented: “The licence extension will greatly facilitate our current efforts towards drilling this exciting prospect.”