- UK Oil & Gas Investments said that subsidiary UKOG Solent Ltd has been advised that the Oil and Gas Authority has granted a one-year extension to the initial term of its offshore P1916 licence to Jan. 31, 2018.

It holds a 100% stake in P1916.

As previously reported by the Company, P1916 contains an undrilled Portland limestone conventional oil prospect, which is a look-alike to the nearby Arreton Portland oil discovery, located in the company's adjacent PEDL331 onshore licence. A deeper Triassic sandstone prospect lies directly beneath the Portland target in P1916.

The company plans to submit a planning application to drill one or more prospects in the Isle of Wight during the coming year, it said.

At 8:10am: [LON:UKOG] Uk Oil Gas Investments Plc a Ord 0.01p share price was +0.05p at 1.58p

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