UK Oil & Gas PLC – London-based energy company – Gets full production permit for Horse Hill field from UK Environment Agency. The project is 86% owned and 12% held by Alba Mineral Resources PLC. The permit allows production, water re-injection operations and incineration of waste gases. It also permits maintenance and workovers and the drilling of additional development wells. Horse Hill is a project for oil near Gatwick Airport in south England. UKOG can now proceed to convert HH-2z to a water injector in the next year. This would eliminate any need to obtain saline formation water at remote third-party locations, which would reduce costs.
“This long-awaited EA Permit finally allows UKOG’s Horse Hill’s produced water saline to be returned to the oil-bearing Portland Rocks where it was originally. It lowers operating costs per barrel, removes HGV tankers from congestion, and reduces the field’s carbon footprint. Stephen Sanderson, UKOG Chief executive officer, stated that the ability to inject makes both economic and environmental good sense.
UKOG stock price: 0.17 pence. This is 55% higher than Thursday
12-month change: 26% less
Alba stock price: 0.19, down 2.4% from Thursday
Changes in 12-months: 38% down
By Elizabeth Winter; [email protected]
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