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LONDON (Alliance News) - Oil and gas company Angus Energy PLC said Monday it has gained approval for the transfer of PEDL244 operatorship to its subsidiary from Cuadrilla Balcombe Ltd and Lucas Bolney Ltd.
The UK Oil & Gas Authority approved the Balcombe field discovery licence transfer to Angus's wholly-owned subsidiary Angus Energy Weald Basin No 3 Ltd.
Angus Energy has now completed the transaction to form the new joint venture with shale gas exploration company Cuadrilla and specialist service provider Lucas.
Angus Energy shares were trading down 7% at 7.625 pence each.