The UK regulator, the Department for Business, Energy and Industrial Strategy, Offshore Petroleum Regulator for Environment and Decommissioning, has completed its review of the Environmental Statement submitted in regard to the proposal to drill the Colter appraisal well and has agreed in principle to grant consent to drill.
United Oil & Gas Plc (LON:UOG) holds a 10% interest in the well, which is operated by Corallian Energy.
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Subject to these relevant further approvals being received, Corallian Energy intends to drill the Colter well as soon as operations are completed at its Wick prospect.
Operations at Wick are due to commence in December 2018.
Colter will appraise a historic discovery that lies immediately to the south of Europe's largest onshore oil field at Wytch Farm.
The discovery was made in 1986 when a 10.5 metre oil column was encountered in the Sherwood Sandstone reservoir, the same play that has proven to be so productive at Wytch Farm where over 450mln barrels have been produced to date.