LONDON (Alliance News) – UK Oil & Gas Investments PLC said Monday it has received all the regulatory permissions required for flow testing at its Broadford Bridge-1 exploration well in Susex.
UK Oil & Gas said flow testing will commence once the current rig has vacated the site. Operations are continuing to prepare BB-1 as a potential oil-producing well with a gross perforated interval of 926 feet.
The company has also submitted an application to the West Sussex county council to extend its exploration and testing phase for the well for a year, to September 15, 2018. A decision is expected in September.
Meanwhile, UK Oil & Gas said it will issue 40.6 million shares following an exercise of warrants, receiving GBP325,000 in total proceeds.
“This is a sound investment in the future of BB-1 and is a key necessary step to help us achieve our corporate goal to establish first Kimmeridge production by the end of 2018/early 2019. Operations at BB-1 remain on track,” said Executive Chairman Stephen Sanderson.
Share in UK Oil & Gas Investments closed up 7.6% at 6.05 pence Monday.
By Adam Clark; [email protected]
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