- UK Oil & Gas Investments said it had allowed an exploration licence off the Isle of Wight to lapse

'In the company's view the offshore Licence's low geological prospectivity, high environmental sensitivity and consequential high associated drilling costs merited no further commitment of financial or technical resources,' the company said.

No remaining obligations for the licence, called P1916, remained, it added.

At 9:34am: [LON:UKOG] UK Oil Gas Investments Plc share price was 0p at 3.05p

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