UK Oil & Gas PLC (AIM:UKOG) said it has been granted a one-year extension to the Retention Area work programme at its PEDL137 licence, which contains the producing Horse Hill oilfield and its underlying Kimmeridge oil pool.
The extension, granted by the North Sea Transition Authority, means the oil company has an additional year to drill a second Horse Hill Kimmeridge well. Drilling must start before 30 September 2023.
Earlier this month, UK Oil and Gas announced that the Environmental Agency had granted it a full production permit for Horse Hill.
READ: UK Oil & Gas shares off to the races after Horse Hill is granted production permit