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<p>The Oil and Gas Authority (OGA), in its role as independent regulator for oil and
gas, is responsible for issuing Petroleum Exploration and Development Licences (PEDLs).</p><p>
</p><p>The drilling depth specified in the licence for PEDL 300, issued in September
2016, was stated by INEOS as part of their licence application, and sought to target
prospective geological formations which, at that time, were thought to lie at that
depth. Various other consents and permissions (such as planning permission, environmental
permits, drilling consent, etc) are required before any drilling operations can take
place.</p><p> </p><p>In line with the above, INEOS’ application for planning permission
at Bramleymoor Lane, Derbyshire, allows for a well to be drilled to an approximate
depth of 2,400m, at which INEOS believe the target geological formations are now thought
to lie.</p><p> </p><p>The OGA has not at this stage received an application from INEOS
for consent to drill the well. At the time of such an application, and subject to
other necessary permits, the licensee can seek agreement to reduce the original commitment
depth after explaining their geotechnical rationale.</p>
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