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UK onshore oilers walk away from Surrey Hills project

Well sites outside the Surrey Hills Area of Outstanding Natural Beauty were 5 kilometres away from the exploration target and were deemed non-viable.

UK Oil & Gas PLC - UK onshore oilers walk away from Surrey Hills project

A cohort of UK onshore oil firms have walked away from the proposed A24 (formerly ‘Holmwood’) exploration well project in Surrey's stockbroker belt.

UK Oil & Gas PLC (LON:UKOG), Angus Energy PLC (LON:ANGS), and Egdon Resources LTD (LON:EDR) have decided to exit after project plans failed.

They had been considering a plan to drill the exploration prospects centre from sites located outside the Surrey Hills Area of Outstanding Natural Beauty.

Each site was around 3 kilometres away from the prospect’s centre and the evaluated options were deemed to be neither technically viable nor economically feasible.

UKOG, in a statement, said it remained a great disappointment that Europa Oil & Gas – the project’s former operator – did not drill a well at the Holmwood site, 1 kilometre from the prospect’s centre, when it had the planning permission to do so.

Mark Abbott, Egdon managing director, meanwhile, added: "The relinquishment is supported by Egdon, as a technically and commercially viable site to drill the A24 Prospect (formerly Holmwood) couldn't be identified. 

“It enables Egdon to focus its resources on the core near-term priorities; namely, moving to production at Wressle during this quarter, progressing drilling options at Biscathorpe and North Kelsey, and acquiring a marine 3D seismic survey over the Resolution and Endeavour gas discoveries during the coming period."

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Price: 0.155 GBX

AIM:UKOG
Market: AIM
Market Cap: £19.34 m
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