UK Oil & Gas plc has been granted a one-year extension to its Loxley gas licence by the North Sea Transition Authority.
The company must begin drilling the Loxley-1 appraisal well on PEDL234 retention area work programme no later than 30 June 2025.
The deadline allows the company to retain the full 300 km² licence without any future partial relinquishment.
A 2023 competent persons report stated that the project contained a mid-case 2C contingent resources recoverable volume of 31.0 billion cubic feet net to UKOG.