Oil and gas drilling licence surrendered at site
The firm had previously applied to explore the site in Dunsfold, with the application approved by the government, despite it twice being refused by the local council.
Waverley Borough Council said the decision for UKOG to surrender its licence marked a "significant victory for the local community, environmental campaigners and the council".
UKOG chief executive Stephen Sanderson said the divestment was in keeping with the company's transition away from hydrocarbons into the clean hydrogen storage and production sector.
Local farmers previously argued that the disruption to traffic, businesses and the environment were not in proportion to potential benefits.
Following the decision, councillor Steve Williams said it was a "momentous day for our community and our environment".
"The decision by UKOG to surrender their licence is a testament to the tireless efforts of residents and campaigners who have stood firm in their opposition to this project," he said.
"It is a clear message that the protection of our natural heritage and the well-being of our residents must come first."
Council leader Paul Follows added that the decision was "a step in the right direction" and reinforced the council's commitment to protecting the environment for future generations.
Meanwhile, Sir Jeremy Hunt said drilling in Dunsfold was "always a ridiculous idea and would have ruined the area".
He added: "This is wonderful news and totally the right decision."
UKOG previously said the project would benefit energy and economic interests.
The firm said it would be able to extract gas from the Dunsfold site worth £123m, and that the project was in keeping with the government's Hydrogen, Energy Security and Net Zero strategies.
Follow BBC Surrey on Facebook and X. Send your story ideas to southeasttoday@bbc.co.uk or WhatsApp us on 08081 002250.
Farmers' fury over potential gas drilling site
Gas drilling decision disappointing - Jeremy Hunt
Gas drilling application approved by government
Waverley Borough Council
UK Oil & Gas
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
2 minutes ago
- Yahoo
Want to earn £300 a month? Here's how big your Stocks and Shares ISA needs to be
By leveraging the power of Stocks and Shares ISA, investors can unlock a tasty second income stream. Even as little as an extra £300 a month can go a long way in 2025, especially as the cost of living continues to rise. But how much money does an investor need to have to passively harvest this level of income? Crunching the numbers Right now, the FTSE 100 offers a solid 3.3% dividend yield. So for those relying on a low-cost index fund, earning an extra £300 a month, or £3,600 a year, will require an ISA with around £109,000 saved up. Obviously, that's not pocket change, but it's a far more obtainable goal than most might think. After all, the FTSE 100's historically provided an average return of around 8% a year over the last few decades. And investing £300 each month at this rate would build the required six-figure portfolio within roughly 15 years when starting from scratch, or 10 years for those with £20,000 already saved up. But for investors willing to take control and pick stocks directly, this process can be cut drastically. That's because while the FTSE 100 as a whole only offers a 3.3% yield, plenty of its constituents offer significantly more. Londonmetric Property (LSE:LMP), for example, offers a far more impressive 6.3% yield. And at this rate of payout, a Stocks and Shares ISA would only need to be as big as £57,140. Let's assume Londonmetric can eke out an extra 1.7% in capital gains each year to generate the same 8% total return. In that case, the time needed to unlock a £300 monthly passive income drops to just 10 years when starting from scratch, or five years when starting at £20,000. A good investment in 2025? Through a series of strategic acquisitions, Londonmetric has expanded significantly in recent years, making it one of the largest listed commercial landlords in Britain. Its real estate portfolio consists of logistical warehouses, private hospitals, retail stores, and even theme parks. The continuous steady stream of rental income is how the business is able to offer almost double the yield of its parent index. And with a sturdy balance sheet, shareholder payouts have actually been getting hiked every year for the last decade. Of course, no investment's ever risk-free. Executing acquisitions and building out a real estate portfolio is an expensive endeavour. Consequently, the firm holds a significant chunk of debt on its balance sheet, making it highly sensitive to interest rates. In fact, that's why the shares are still trading firmly behind 2022 levels. Suppose businesses start falling behind on their rent, or occupancy suffers in a weakened economic environment? In that case, if Londonmetric's unable to replace the lost cash flow, the pressure from debt interest payments could squeeze the group's ability to continue paying out its high dividend yield. Nevertheless, management's demonstrated a knack for navigating the current unfavourable macroeconomic environment far better than many of its peers. That's why I think it's a risk that investors may want to consider taking when building a passive income producing Stocks and Shares ISA. The post Want to earn £300 a month? Here's how big your Stocks and Shares ISA needs to be appeared first on The Motley Fool UK. More reading 5 Stocks For Trying To Build Wealth After 50 One Top Growth Stock from the Motley Fool Zaven Boyrazian has positions in LondonMetric Property Plc. The Motley Fool UK has recommended LondonMetric Property Plc. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors. Motley Fool UK 2025
Yahoo
2 minutes ago
- Yahoo
Call to close iconic former Crossroads TV motel at centre of asylum seekers row
It was the memorable setting for the iconic Crossroads TV series and in its hotel heyday the Ramada in Sutton Coldfield was a highly rated haven for tourists and business customers, lured in by its pool, gym, gardens and conference facilities. Now there is a clamour for it to be shut down after it spent its recent life as a temporary home for asylum seekers desperate to start a new life in the UK. Local residents and the area's MP Sir Andrew Mitchell wants it closed with immediate effect, claiming it is an unsuitable location. READ MORE: Consultation launched into parking charges at major Birmingham parks and some say 'it's wrong' Mitchell, Conservative MP for Sutton Coldfield, wants the venue to shut amid community tension and protest. He has now announced that a delegation from the Home Office and Serco will join him and immediate neighbours to the hotel for a fact finding visit next month. He says the hotel is in the 'wrong place' for asylum seekers, who he claims would be better off placed 'in inner city Birmingham ' close to refugee support services. Birmingham Live inquiries have revealed the owners raked in more than £4 million in net profits in a year as a result of its contract to host asylum seekers sent to the region by the Home Office. Some local residents agree with their MP, with the local Facebook group full of claims and comments from some neighbours who say they feel 'intimidated and fearful'. One claimed that the hotel residents had 'trashed' the venue and residents were 'wary' of using a new walkway that cuts in front of the venue, with claims of 'loitering', litter and damage. Others say the fears are rooted in misinformation and prejudice. They point out that the residents of the hotel have little choice but to hang around the venue, playing football and chatting, as they receive only a tiny weekly allowance and few have a right to work. In a post shared with his constituents yesterday evening, Friday August 15, he wrote: 'I am acutely aware of the concerns the asylum hostel at the former Ramada Hotel is causing - which is why I have been seeking its closure since it opened. 'I want to reassure Sutton residents that I will soon be taking representatives from the Home Office and accommodation provider Serco on a visit to the site, prompted by questions raised by constituents. 'I will also be meeting a group of local people living nearby ahead of the visit, which will allow me not only to see how the hostel is being run, but also specifically to raise their concerns. 'It is clear that the Ramada is a totally inappropriate location for an asylum hostel; it would be far better for it to be located in the centre of Birmingham, where the relevant services would be located nearby. 'The last government committed to closing it, however I have so far been unable to extract a promise of closure from the current Labour government. 'I aim to persuade the Home Secretary that it should be closed as soon as possible.' A protest was held at the gates to the venue last Friday, drawing a crowd of up to 50 people, with more planned. Critics also claim that the asylum seekers are 'making it more difficult' for people to access health services, get council homes and live in peace and this was concerning. But one resident posted: "I'm just as concerned about how successful the right wing politicians and media have been in brainwashing people. Some of the utter tripe on this post is shameful." They also said it was ludicrous to suggest the asylum seeker population was responsible for local issues like a lack of GP appointments, crumbling infrastructure and a housing shortage. "If someone's causing genuine issues locally, absolutely deal with it so we can all live harmoniously. But let's aim our frustration at the people actually pulling the strings and work together for a community that's fair, welcoming, and strong," they added. Amid fears of more local protests at this and other hotels housing asylum seekers, West Midlands Police urged residents to keep the peace. Assistant Chief Constable Paul Drover said: "We understand the concerns people have about their communities and will always balance the right to freedom of expression with the need to tackle crime. "We have strong relationships with our communities and continue to build trust with them to come and speak to us. We urge communities to carefully consider information that they read, share and trust and if in doubt we would always encourage them to speak to us or their community leaders. "In the West Midlands, we have seen a small number of peaceful protests - (last weekend) we saw very low numbers at two protests in Wolverhampton and Solihull that passed off peacefully. However, we have assisted in providing support to other forces as part of national contingency plans. "Our priority is always to keep people safe and in every decision around policing, public order and protests we must balance the right to freedom of expression with the right to tackle crime so we can ensure public safety. "The right to peaceful and lawful protest is a fundamental element of any democracy, and we are committed to upholding and facilitating this." Who owns and runs the former Ramada venue? The Johal family including directors Iqbal, Balkar, Balraj, Jasbir and Sarnpal, own the hotel through their company Sutton Coldfield Hotel Ltd. In their most recent published accounts, for 2023-24, the company made after-tax profits of £4,583,509, off the back of a turnover of £9.5 million. In their notes to the accounts, the owners say they plan to continue to provide asylum accommodation services and expect to continue to see demand grow in the coming years 'as there is still significant demand to accommodate asylum seekers on a short term basis'. The accounts also note that as a result 'the company is undergoing a period of growing profits. The funds have been invested in reducing a significant amount of the company debt, meaning liquidity risk has diminished significantly.' The report also adds: "Maintaining strong relationships with the government contract provider, whilst maintaining the quality of service, has mitigated the risk of competitive bids who may look to undercut the current agreed rates." We have tried in vain to get hold of the Johal family or their representatives. The Ramada Hotel in Sutton Coldfield, previously known as Penns Hall Hotel, was a hotel and country club situated on Penns Lane, Walmley. It's a Grade B locally listed building, originally a private residence, and later became part of Ramada International. It is located on 14 acres of mature grounds, featuring a tree-lined driveway and a lake. During the 1980s, the hotel became famous as the location for exterior filming of the TV soap opera Crossroads. The hotel filled in as the Crossroads Motel, later known as the Kings Oak Country Hotel, and the entrance to the real hotel's conference facilities was dressed to look like the main entrance to the fictional hotel. A shot of some of the hotel rooms overlooking Penns Lake, which is on the hotel's land, were used as part of the closing credits to the show.
Bloomberg
20 minutes ago
- Bloomberg
Italians as Well Off as Brits Expose UK's Era of Stagnation
The UK economy has lost its edge over Italy and slipped further behind France over the past decade, according to per head gross domestic product figures that reveal a stark underperformance fueled by a population surge, high inflation and tepid growth. The findings will ring alarm bells in Keir Starmer's government, which is looking at how much the economy generates for each resident rather than aggregate output as a gauge of the living standards it has pledged to improve. GDP per capita was stagnant last year when Labour took office and fell in 2023.
