UK Oil and Gas, who last year were refused planning permission for oil exploration well in Arreton, has given up their right to explore and produce oil and gas on the Island.
UKOG announced earlier this year that they would not appeal the Planning Committee’s decision to refuse the application, which attracted thousands of objections.
Relinquishing the licence
Now the company’s Chief Executive has revealed in his latest statement that they have relinquished the PEDL331 licence, awarded back in 2016.
The statement reads:
The Company decided not to appeal the decision by the Isle of Wight Council to refuse UKOG’s planning application for the appraisal drilling and flow testing of the Arreton oil discovery. The Company has subsequently relinquished the associated PEDL331 licence.
See News OnTheWight’s UKOG archive to read the full history of the plans – there are more than 60 articles.
Thanks to all the readers who got in touch with the heads-up.
Image: UK Onshore Geophysical Library
