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UK Oil & Gas PLC - London-based oil and gas company - Wins full production permit for its Horse Hill field from the UK Environment Agency. The project is 86% owned by UKOG, with a 12% stake held by Alba Mineral Resources PLC. The permit enables production and water re-injection operations, incineration of waste gas, maintenance and workovers, and the drilling of further development wells. Horse Hill is an oil project near Gatwick Airport in southern England. UKOG can now proceed with its plants to convert HH-2z into a water injector over the year, which would eliminate the requirement to take saline formation water from remote third-party sites, reducing costs.
‘This long-awaited EA permit finally enables UKOG to return Horse Hill's produced saline formation water back to the oil-bearing Portland rocks where it originated, lowering operating costs per barrel, removing HGV tankers from congested roads, and reducing the field's overall carbon footprint. The ability to reinject makes both environmental and economic good sense,’ says UKOG Chief Executive Officer Stephen Sanderson.
UKOG current stock price: 0.17 pence, up 55% on Thursday
12-month change: down 26%
Alba current stock price: 0.19, down 2.4% on Thursday
12-month change: down 38%
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