UK Oil & Gas (UKOG) today confirmed a series of licence changes that will pave the way for further exploration across four of its UK sites.
The company behind the Gatwick Gusher announced that the Oil and Gas Authority had approved the widely-expected changes. It was a decision that executive chairman Stephen Sanderson described as “particularly valuable”.
“These extensions give us a clear two year window in which to deliver commerciality at Horse Hill,” said Sanderson.
Studies have indicated that there are estimated reserves of around 10 billion barrels at the Horse Hill site near Gatwick Airport.
UKOG said that the next stage would be to apply for permits to allow further drilling at two locations at Horse Hill.
Three other sites were granted either extensions or conversions - Broadford Bridge, Markwells Wood and Baxters Copse.
“The Broadford Bridge extension now formally enables Kimmeridge Oil and Gas to drill the Broadford Bridge well and submit planning consents for a second well over the extension of the Godley Bridge Portland Gas discovery.
“Additionally, the extension of Baxters Copse gives us further time to assess the economic viability of oil discovery and fully assess any Kimmeridge Limestone potential,” said Sanderson.