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UK Oil & Gas PLC - London-based exploration and production company focused on UK and Turkey - Updates on legal proceedings regarding Horse Hill oil field. Following the UK Court of Appeal's dismissal of the challenge from Sarah Finch on behalf of Weald Action Group to the Surrey County Council's grant of production consent at Horse Hill, Finch is given a final legal avenue to appeal the decision to the Supreme Court. Should the case go ahead, it is expected to be heard at some point from the second quarter of 2023 onwards. This would be the final legal recourse for Finch.
‘At the last count, five judges and the Court of Appeal have dismissed this case. Consequently, the company and its legal counsel remain convinced that planning consent was granted entirely lawfully, and will, therefore, strongly contest any further action against its interests,’ UKOG says.
Also says a new Unico pump has been installed in the HH-1 oil producer, with the previous pump undergoing refurbishment to act as a spare. Preparations to convert HH-2z into a produced saline water reinjector continues, it adds.
UKOG holds a 87% interest in Horse Hill. London-based mineral exploration company Alba Mineral Resources PLC, which has a 12% stake in the oil field, notes the announcement.
Current UKOG stock price: 0.086 pence, down 3.0% on Monday
12-month change: down 38%
Current Alba Mineral Resources stock price: 0.18p
12-month change: down 31%
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