UK Oil & Gas plc (UKOG) has ruled out appealing against planners’ refusal for the appraisal and testing of the Arreton discovery on the Isle of Wight.
NEW OPPORTUNITIES
In its annual review and accounts for the year ended 30 September 2021, UKOG said that the council’s decision to refuse permission was “disappointing but not unexpected”.
The company added it would spend the £0.5 million earmarked for appeal costs on other energy ventures.
It also hopes to bring “at least one new oil and gas opportunity to fruition in the coming year”.
“Given the number of new opportunities available to the company, all of which are considered to offer far greater success case economic impact and higher probabilities of success than the proposed Isle of Wight project, the company has decided not to appeal against the planning refusal.
“The envisaged £0.5 million planning appeal costs will therefore remain available and could be used for developing new oil & gas and geothermal/energy storage projects.”
SELF SUFFICIENCY
UKOG said it had evaluated potential and near-term production oil and gas fields opportunities with the greatest number in the USA where the careers of its board members gave it “privileged access to a broad network of opportunities”.
One international property was in the final stages of due diligence, added the company.
UKOG added that its “wide-ranging activity and interests” saw it progressing towards self-sufficiency in generating cash flows.
The company is also evaluating two new geothermal-hub projects and two hydrogen-hub storage and renewable energy projects in the South and the Northeast of England.