2-Year Extensions to PEDL137 & PEDL246 OGA Work Programmes

Source: www.gulfoilandgas.com 8/2/2021, Location: Europe

UK Oil & Gas PLC (UKOG) is pleased to announce that the Oil and Gas Authority has granted two-year extensions to the remaining drilling deadlines necessary to satisfy in full the agreed Retention Area ("RA") work programmes of the Company's operated 85.635% interest Horse Hill PEDL137 and PEDL246 licences.

Both extensions are retroactive and take effect from the RA anniversary date of 30th September 2020 for PEDL137 and 30th June 2020 for PEDL246. Fulfilment of the RA programme enables the Company to retain all the licenced area vs. a relinquishment of part of the licence.

The respective RA programme deadlines are now as follows:

PEDL137: commence drilling a Kimmeridge appraisal well by 30 September 2022.

PEDL246: commence drilling a Kimmeridge exploration well by 30 June 2025.

The extensions are in response to the coronavirus pandemic.


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