# UK Oil & Gas Investments PLC P1916 Offshore Isle of Wight Licence Extension

- Link: https://www.directorstalkinterviews.com/uk-oil-gas-investments-plc-p1916-offshore-isle-wight-licence-extension/412721506
- Published: 2017-01-19T07:15:37+00:00
- Author: Giles Arbor

**UK Oil & Gas Investments PLC** (LON:UKOG) announced today that UKOG Solent Limited,
a 100%-owned subsidiary, has been advised that the Oil and Gas Authority has granted
a one-year extension to the Initial Term of the Company’s offshore P1916 licence
to 31st January 2018. The Company holds a 100% interest in P1916.

As previously reported by the Company, P1916 contains an undrilled Portland limestone
conventional oil prospect, which is a look-alike to the nearby Arreton Portland 
oil discovery, located in the Company’s adjacent PEDL331 onshore licence. A deeper
Triassic sandstone prospect lies directly beneath the Portland target in P1916.

The company plans to submit a planning application to drill one or more prospects
in the Isle of Wight during the coming year.

> **Stephen Sanderson, UK Oil & Gas Investments PLC Executive Chairman, commented:**“
> UKOG’s future planned Isle of Wight operations are aimed solely at the extraction
> of oil from conventional naturally-fractured limestone and sandstone reservoirs,
> not shale, and therefore will not utilise massive hydraulic fracturing.
> Our drilling on the island is intended to cause zero hazards to any groundwater
> by employing the same drilling fluids and practices used by the water supply industry
> to drill drinking-water abstraction wells within the UK’s limestone aquifers. 
> This drilling technology is intended to include the use of modern biodegradable
> drilling fluids, manufactured from 100% natural plant starches, which are approved
> for use under the UK’s Water Supply Regulations.”

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