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UK Oil & Gas Investments ( (GB:UKOG) ) has issued an announcement.
UK Oil & Gas PLC has submitted a retrospective planning application for its Horse Hill oil field to Surrey County Council, aiming to fully restore the production consent originally granted in 2019. The move follows a 2024 UK Supreme Court ruling that found the council’s prior approval unlawful because it failed to assess downstream greenhouse gas emissions from the combustion of produced hydrocarbons.
In response to the legal ruling, the company voluntarily suspended oil production at Horse Hill in October 2024 and has since worked with regulators and planning advisors to prepare a revised submission including updated ecological, environmental and technical studies, plus an assessment of end-use emissions. A successful outcome would allow stable production at Horse Hill to resume, generating revenues that UK Oil & Gas plans to reinvest in its transition towards hydrogen storage and other clean energy initiatives, underscoring its strategy to balance legacy oil and gas operations with participation in the UK’s energy transition.
More about UK Oil & Gas Investments
UK Oil & Gas PLC is a London AIM-listed energy company focused on UK onshore oil and gas production, with a significant operated interest in the Horse Hill oil field in Surrey. The company is also pursuing a strategic transition towards clean energy, including planned hydrogen storage and other low-carbon projects in Dorset and Yorkshire.
Average Trading Volume: 197,762,397
Technical Sentiment Signal: Strong Sell
Current Market Cap: £3.76M
Find detailed analytics on UKOG stock on TipRanks’ Stock Analysis page.