UK Oil and Gas Investments has announced it will not be seeking an extension to its license off the coast of the Isle of Wight in order to focus on onshore interests.
The London-headquartered firm’s P1916 license, which it held a 100% stake, has expired and it has now informed the Oil and Gas Authority it will not be seeking an extension.
The company will instead be focussing on appraising its onshore oil discovery at Arreton and satelietie exploration prospects.
It is estimated up to 15.7 million barrels of oil could be recovered from the Arreton site, which UKOG holds a 65% interest in.
Stephen Sanderson, UKOG’s executive chairman, commented: “The Arreton discovery on the Isle of Wight’s remains a key element of the company’s 2018 and 2019 growth strategy and plans.
“We look forward to working with our partners towards a successful 2019 appraisal drilling campaign.”