UK Oil & Gas Investments subsidiary UKOG Solent has been granted a one-year extension to its initial term on license P1916, off the Isle of Wight, England, to 31 January 2018.
UKOG says P1916 contains an undrilled Portland limestone conventional oil prospect, which is a look-alike to the nearby Arreton Portland oil discovery, in the company's adjacent PEDL331 onshore license. A deeper Triassic sandstone prospect lies directly beneath the Portland target in P1916, which lies off the south west coast of the Isle of Wight.
UKOG plans to submit a planning application to drill one or more prospects in the Isle of Wight during the coming year.
Stephen Sanderson, UKOG's Executive Chairman, says: "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 utilize massive hydraulic fracturing."