The UK Oil & Gas PLC (LON: UKOG) share price soared 45.7% after the Court of Appeal upheld the December 2020 Judicial Review judgment declaring that Horse Hill’s project planning consent had been awarded lawfully.
Investors cheered the decision that ended the long-running appeal by Finch et al to overturn the judicial review judgment allowing UKOG to continue operating the project for its entire commercial life.
UKOG’s CEO, Stephen Sanderson, noted that it was unfair that Finch et al had been allowed to keep appealing the initial judgment even after multiple courts had ruled in the company’s favour.
However, investors were relieved that the constant threat posed by the appeal had been finally put to rest after the Court of Appeal’s decision.
Stephen Sanderson, UKOG’s CEO, commented: “I’m delighted that justice has again prevailed for UKOG in this matter. This latest judgment in UKOG’s favour comes after more than two years in which Finch et al have sought to stop the company’s oil production at Horse Hill.”
“Given that during this time, five judges have found against their case, one cannot help but wonder why they have been permitted so many repeated bites at the same legal cherry. That seems at the very least unfair and perhaps is also somewhat unjust.”
UKOG had completed a full upgrade of the production facilities at its Horse Hill project in late September 2020, allowing oil production at the well to continue on a 24-hour basis.
The company has been investing in the project despite the constant appeals by Finch et al, including buying equipment for the Horse Hill oil field in May 2021, which saw its shares fall.
The UK oil firm also installed permanent safety equipment at the site during the September 2021 upgrade.
UK Oil & Gas has also been advancing its Al Jahra 13 well in Egypt and is on track to bringing the well online after registering impressive drill results at the oil well.
Therefore, UKOG’s prospects are pretty promising, making it an attractive play for investors in the oil and gas sector. However, I would wait for a significant pullback before buying UKOG’s shares.
The UKOG share price soared 45.74% to trade at 0.1676p, rising from Thursday’s closing price of 0.1150p.
*This is not investment advice. Always do your due diligence before making investment decisions.
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Simon has over six years of professional trading experience across FX, commodities and equities. He has a strong passion for financial markets and is particularly focused on price action trading