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PEDL LICENCES (Petroleum Exploration and Development Licences) apply to both CONVENTIONAL and UNCONVENTIONAL hydrocarbons.
These include : conventional oil and gas, tight oil and gas, shale oil and gas, coal-bed methane (CBM) and mine-vent gas.
In December 2015 the Government awarded a licence PEDL331, covering 200sq kms of the Isle of Wight, to the Oil and Gas Industry for extraction of oil and gas.
Additionally there was an offshore licence P1916 including the M prospect which was dropped by UKOG in December 2017.
UKOG has stated they wish to make their initial planning application during 2019 for 'conventional extraction of oil using acid stimulation' from the Arreton site marked in green on the map.
PEDL331 is currently held by UKOG (UK Oil & Gas Investments) and Doriemus PLC.
Stephen Sanderson, UKOG’s Chief Executive, commented IN DEC 2018:
“We are delighted to acquire this further substantial share of the Arreton oil discovery, giving the Company a material 14.9 million barrels of net attributable discovered PEDL331 recoverable resources.
The first Arreton appraisal well, Arreton-3, is now scheduled to be drilled, cored and tested in the first quarter of 2020, with the drilling of the larger look-alike Arreton South exploration prospect planned to follow after completion of Arreton-3 flow testing. We look forward to starting the journey towards realising the Isle of Wight Licence’s considerable conventional oil resource potential.”
DROPPED BY UKOG - DEC 2018
Stephen Sanderson UKOG's Executive Chairman annnounced in 2016
"The Licence adds significantly to the Company's conventional and tight oil acreage portfolio in the UK …….the upside exploration potential of the M Prospect and tight oil is attractive for the future..,
In addition to the Arreton discovery and M Prospect, the Licence also contains further undrilled oil prospects and substantial calculated OIP (Oil In Place) per square mile within tight limestones and shales of the Kimmeridge Clay, Oxford Clay and Lias Formations.'
It is important to note...
Tight oil, limestones and shales are extracted using unconventional methods i.e. FRACKING