A one-year extension has been granted to the firm that holds a licence to search for oil off the Isle of Wight’s south-west coast.

UK Oil and Gas (UKOG) holds the rights for the Wessex Basin and has until the end of January next year (2018) to work on the site.

It is reported that the Oil and Gas Authority has extended the company’s permissions and that UKOG plans to submit a planning application to drill at one or more locations here within the next 12 months.