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UK Oil & Gas PLC on Friday said it will proceed with its Loxley gas discovery, after a court judge dismissed attempts to reverse the Secretary of State’s grant of planning consent as being unarguable. The oil and gas exploration and production firm with assets focused in southern England said Justice Lane dismissed five of the opponent’s ground regarding the conventional gas and hydrogen feedstock project in Surrey. Two remaining grounds were given leave to be argued at a further hearing at some time in the future, as yet unknown. UK & Oil Gas said full planning and environmental consents remain in force for the Loxley-1 appraisal programme, as per its previous announcement on Loxley. ‘The company’s legal team remain robustly confident that following the extensive Loxley public inquiry, the Secretary of State’s decision to grant planning consent was thoroughly considered and entirely lawful. Consequently, we will continue to move our project ahead,’ said Chief Executive Officer Stephen Sanderson. On Tuesday last week, UK Oil & Gas PLC said RPS Energy Consultants completed its competent person’s report on the company’s potential economic value of the Loxley gas discovery. It said that the report showed a value of up to £124 million, with about 31.0 billion cubic feet within its fully owned PEDL234 licence. Planning and environmental consents are in place for the Loxley-1 appraisal campaign, which is planned for 2024, it said at the time. If successful, the company targets gas production and sales from 2026. Shares in UK Oil & Gas were up 5.4% to 0.069 pence each in London on Friday afternoon. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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