UK Oil & Gas (UKOG) recently made public that it has received a one-year extension for the PEDL137 Retention Area Work from the North Sea Transition Authority. This development has come as a significant move as UKOG proceeds to work on energy projects in the region. The sanction opens up several opportunities and possibilities in the coming months, which we aim to delve into in this post.
1. UK Oil & Gas (UKOG) has received a one-year extension for the PEDL137 Retention Area Work from the North Sea Transition Authority.
2. The extension is a major development as UKOG continues its work on energy projects in the region.
3. The approval provides UKOG with additional time to meet their exploration commitments in the energy sector.
4. The PEDL137 Retention Area Work is a significant project for both UKOG and the region, as potential delays had caused concerns among stakeholders.
5. With the extension, UKOG is in a better position to execute its exploration plans and maximise the benefits from PEDL137 in terms of energy extraction and economic returns.
In 2020, UK Oil & Gas PLC increased its stake in the PEDL137 onshore license, which covers the Horse Hill oil field in Surrey, from 50% to 85.635%.
This extension comes as a significant relief to UKOG, allowing them additional time to meet their exploration commitments in this key sector. The PEDL137 Retention Area Work is a critical project for both the company and the region, and potential delays had raised concerns among stakeholders. With the extension, UKOG is now in a stronger position to execute its exploration plans and continue contributing to the UK's energy security. The company is keen to maximise the benefits from PEDL137, both in terms of energy extraction and potential economic returns.