UK Oil & Gas plc will conduct a pre-planned farm-out programme for the Loxley gas appraisal project in Surrey.
PRUDENT
UKOG added that the farm-out for PEDL234 would see the prospective partner carry either all or part of the costs.
“The company believes that this is the most prudent course of action to both manage uncertainty and to help ensure the best use of the company’s working capital.”
* UKOG also has plans for a Portland Energy Hub involving hydrogen-ready storage in 14 salt caverns with related facilities. The company forecasts the cost of the project to exceed £1bn.