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UK Oil & Gas PLC - London-based exploration and production company focused on the UK and Turkey - Says it is ‘pleased’ with UK High Court upholding planning permission for Loxley, its conventional gas and hydrogen feedstock project in Surrey. ‘Loxley planning consent therefore remains in full force and the company's plans to implement the project remain unchanged,’ UK Oil & Gas says.
Notes Waverley Borough Council had lodged appeal against planning permission. Court says Waverley challenges are ‘unarguable’. In June, a similar appeal from Surrey County Council was overturned, after it twice refused planning consent for the project.
UK Oil & Gas also notes the UK secretary of state for Levelling Up, Housing & Communities has given project the greenlight. ‘It is the company's and its legal counsel's view that, whilst further challenges by either claimant are to be expected, the emphatic rulings of both the SoS and Justice Lang make the likelihood of their success highly doubtful.’
Current stock price: 0.073 pence, up 1.4% on Friday
12-month change: down 51%
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