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UKOG shares lower as politics and protests weigh on sentiment

Published: 13:14 04 Sep 2018 BST

oil and gas operations
A well test operation is taking place at Horse Hill

UK Oil & Gas Plc (LON:UKOG) shares were on the back foot through Tuesday as sentiments around the onshore explorer continued to be bogged down amid politics and protests.

The AIM-quoted firm is a major stakeholder in the Holmwood exploration project which has been a setback, leaving the project without a site for operations.

Shares were down 6.25% to trade at 2.25p each.

READ: UKOG acquires Solo Oil’s Horse Hill stake

UKOG is also the company steering operations at the nearby Horse Hill project for which a High Court injunction was yesterday, against ‘unlawful protest activity’.

It specifically prohibited protesters from entering and remaining on the sites, blocking the public highway (by ‘slow walking’), climbing on vehicles (‘lorry surfing’), obstructing the public highway, obstructing the site entrance and the intimidation and/or assault of UKOG staff, contractors and supply chain.

High Court judge John Male QC found that "there is a good reason to believe the Horse Hill site is under a real and imminent threat".

UKOG chief executive Stephen Sanderson said: “The judgement clearly rules that trespass on UKOG's sites, interference with access to UKOG sites, obstruction of the highway (including by slow-walking, lock-ons and lorry surfing), and obstructing or interfering with our suppliers, does not constitute peaceful protest.

“Such actions are deemed unlawful and should cease to be employed by activists forthwith.”

New sites to be reviewed for Holmwood well

At Holmwood, the authorities have decided not to renew the lease for the proposed operations site at Bury Hill Wood, Coldharbour Lane.

Project operator Europa Oil & Gas this morning was informed by the Head of Estates at the Forestry Commission, who relayed the decision made by the Minister for the Environment, Food and Rural Affairs.

In a statement, Europa noted that its government-issued licence to operate the PEDL 143 area, which hosts the Holmwood project, was recently extended to September 2020 and, said that it now intends to undertake a full evaluation of alternative sites from which to target the Holmwood prospect.

“The minister’s decision not to renew the lease at Bury Hill Wood is disappointing, however, we intend to continue to work closely with our partners to determine how best to take the licence forward,” said Hugh Mackay, Europa chief executive.

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