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LONDON (Alliance News) - Union Jack Oil PLC, Egdon Resources PLC and Angus Energy PLC on Thursday noted the announcement by Europa Oil & Gas Holdings PLC, which intends to transfer its operatorship in the Holmwood licence PEDL143, located in Weald Basin, Surrey, to UK Oil & Gas Investments PLC.
Egdon holds an 18% interest in PEDL143, with Union Jack holding a 7.5% working interest, Angus Energy having a 13% stake, and Altwood Petroleum holding a 1.6% interest. Europa will continue to hold a 20% interest in the licence, with UK Oil & Gas Investments securing a 40% stake.
The decision to transfer operatorship of PEDL143 is based on Europa's focus on its portfolio of exploration licences in Atlantic Ireland, its existing producing assets onshore UK, and the company's pursuit of new ventures in the Atlantic seaboard, North Africa and northwest Europe.
The transfer of PEDL143 operatorship to UK Oil & Gas Investments is subject to consent from the Oil & Gas Authority.
Separately, Angus Energy said it has entered into a legally binding sale and purchase agreement with Doriemus PLC for the purchase of 20% interest in the Lidsey oil field licence, located on the southern flank of the Weald Basin.
The deal is conditional upon regulatory and partner approvals and Angus Energy said it has already submitted an application for approval of the acquisition to the UK Oil & Gas Authority.
"Angus is pleased to have consolidated its position in the Lidsey field at a competitive non-cash price and looks forward to the future for this producing site," said Angus Energy Interim Managing Director George Lucan.
"Work continues to evaluate possible upside in the existing structure and updates will be provided as this moves ahead," added Lucan.
Angus Energy shares were trading 0.8% lower on Thursday at 4.16 pence each, UK Oil & Gas shares were up 0.3% at 1.29p each, Egdon shares were 1.7% lower at 6.88p each, Union Jack shares were down 5.4% at 0.09p each, and Europa Oil & Gas shares were 2.5% lower at 3.61p each.
