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LONDON (Alliance News) - UK Oil & Gas PLC said Monday it has taken a controlling interest in Horse Hill Developments Ltd after buying out the stakes of Gunsynd PLC and Primorus Investments PLC.
UK Oil & Gas raised its ownership of the operator of the so-called 'Gatwick Gusher' to 56.9% from 49.9%.
UK Oil & Gas shares were trading up 1.3% at 1.92 pence each, while Gunsynd shares were down 13% at 0.030p and Primorus shares were trading unchanged at 0.14p.
UK Oil & Gas acquired Gunsynd's 2% stake in the operator of the Horse-Hill 1 project located in the Weald basin in southern England for GBP550,000. Of this, GBP50,000 was in cash and the rest via the issue of 28.6 million UK Oil & Gas shares at 1.75p each, the stock's closing price on Friday.
UK Oil & Gas also acquired Primorus Investments' 5% stake in Horse Hill Developments for GBP1.4 million in cash and shares. UK Oil & Gas will issue 57.1 million shares at the same price to Primorus in addition to GBP375,000 in cash.
Horse Hill Developments has a 65% interest in the Horse-Hill 1 project and also operates the Kimmeridge Limestone 3 (KL3), KL4 and Portland oil discoveries.
Once the disposal is completed, Gunsynd and Primorus Investments will no longer hold a direct interest in Horse Hill but will retain exposure to the project via share ownership in UK Oil & Gas, which will own a 37% stake in Horse Hill's licences.
