UK Oil & Gas Investments PLC is pleased to announce that the Offshore Isle of Wight licence (P1916, UKOG 77.5% and operator) has been extended for a further year by the Oil & Gas Authority ("OGA", formerly the Department of Energy and Climate Change).
The P1916 initial period of the exploration stage has been extended to 31 January 2017.
The extension provides the Company 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."
Adapted from a press release by David Bizley