UKOG (UK Oil & Gas) said it has received final regulatory consent from the OGA (Oil and Gas Authority) to acquire a further 10% interest in the Weald Basin licence PEDL143.
The company will make the move via a farm-in with Warwick Energy Exploration and Production Limited previously announce last month.
The PEDL143 licence covers 35.5miles and is located to the immediate west of Horse Hill licence PEDL137, in which UKOG has a 20.163% interest.
UKOG will participate in the drilling of the planned Holmwood-1 exploration well which will test the Holmwood prospect’s indentified Portland sandstone, Kimmeridge limestone and Corallian sandstone reservoir objectives.
Stephen Sanderson, UKOG’s executive chairman, said:”The Holmwood licence is now a significant and exciting element of our core Weald Basin exploration portfolio. We look forward to the drilling of the Holmwood-1 well next winter.”